$6B Worth of New Gold Reserve Found in Turkey; “Bitcoin Fixes This with Absolute Scarcity”
Meanwhile, Bitcoin still has a fixed cap of 21 million — pristine scarcity.
About 3.5 million ounces of gold that was detected in the mining field of Turkish Agricultural Credit Cooperatives’ subsidiary Gübretaş in Bilecik is estimated to be worth around $6 billion.
“We are talking about a value of about $ 6 billion when we try to put it in value at today’s prices,” said the Chairperson, Fahrettin Poyraz on Tuesday about the reserve in the Söğüt gold mine. About 1.92 million ounces of the reserved are also ready for extraction, he said.
“It is estimated that 1.6 million ounces could be converted into reserves at a rate of 83%,” said Poyraz adding, “We aim to extract the first gold in two years and turn it into value for the Turkish economy.”
And this is what the crypto community has long been talking about all along. While the digital gold, Bitcoin, has a limited 21 million BTC supply, gold reserves continue to be found, expanding its supply.
“Nobody knows the global Gold supply, Bitcoin fixes this with ABSOLUTE SCARCITY,” said BTC proponent Max Keiser.
This isn’t even the first time, back in October, a huge amount of gold reserves, $127 billion was also discovered in Russia.
As Mike Belshe, the CEO of California-based cryptocurrency firm BitGo said in his interview with Bloomberg last week, “The main thing that's unique about Bitcoin is it's got a level of scarcity that we really don't have in any other market.”
When it comes to precious metals, there are also “some endeavors to mine precious metals from asteroids they fly by which could happen at some point. Mathematically bitcoin is pristine in its scarcity,” said Belshe.
Compared to bullion’s 22.33% return in 2020, BTC is up 223% YTD while trading near its all-time high of $24,300 that was set just over this past weekend.
According to Belshe, the world’s largest cryptocurrency has a “property that literally no other asset class has.” Not to mention, Bitcoin is “immune” to the “unprecedented levels” of money printing that central banks are doing around the world.