Quote:
Originally Posted by CoachKandSportsguy
They both the same, except one can be made into jewelry. They are both backed by a belief system, nothing more. Gold just has a longer history of a belief system than bitcoin.
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I think your reasoning is overly simplistic. Gold has several unique tangible values and properties that are not present in most other metals. Yes the attraction due to its visual properties may be called superficial. However, the quantity of metals that are malleable, visually pleasing and which do not tarnish or corrode are very limited. This made it a perfect candidate for currency in the days before reserve banks and electricity.
Unlike Bitcoin, Gold is not virtual can not be replicated. Bitcoin only makes up 50% of the total market cap of crypto. But now that the new administration has decided to spend tax payers money to acquire it as a reserve, that percentage will go significantly higher. However, another administration could be elected and decide to sell it, in which case the price would collapse. This would not be the case of with gold.