Bitcoin & Gold Need to Join Up to Fight a Common Enemy: Bitcoin Bull

  • Bitcoin people say, “Drop Gold.”
  • Gold people say, yellow metal superior to the digital currency.
  • Can Bitcoin and gold work together as we march towards the “inevitable demise of the fiat currency system”?

In the last few years and increasingly more so in the past few months, the rivalry between the world’s top cryptocurrency and the shiny yellow metal has risen at a much faster pace.

While gold is a safe haven during times of crisis, Bitcoin which is termed as Digital gold is also per industry’s experts working towards becoming a store of value as well. However, while gold is thousands of years old, Bitcoin is just a decade young.

“Drop Gold”: Bitcoin People on Gold

Bitcoin industry experts like Winklevoss twins say Bitcoin is better at being gold than the yellow metal itself and one day will surpass its $7.5 trillion market capitalization.

Bitcoin has not only outperformed gold this year in returns but has features like verifiability, portability, being unconfiscatable and much more limited supply that makes the leading cryptocurrency a better store of value option.

Apple Founder Thinks Bitcoin Far More Stable Than Gold

Apple co-founder Steve Wozniak has repeatedly said that Bitcoin is far more stable and better than gold and US dollar, the latter he says is “kind of phony,” while describing BTC as “genuine and real.”

“There is a certain finite amount of bitcoin that can ever exist. Gold gets mined and mined and mined. Maybe there’s a finite amount of gold in the world, but Bitcoin is even more mathematical and regulated and nobody can change mathematics,” said Wozniak in late 2017.

Just last month, Grayscale released “Drop Gold” campaign that further ignited this rivalry. In this unprecedented marketing campaign, it asks, “Why did you invest in gold?” Are you investing in the past?”

Bitcoin that could be called the millennials’ gold as Barry Silbert of Digital Currency Group, the company behind Grayscale says when these millennials will be inheriting money from their previous gold-focused generation, they will be moving that into Bitcoin.

“Gold is Superior to Bitcoin”: Gold People on BTC

On the other side, Gold people believe it is far superior to the peer to peer network that is Bitcoin. On the nature of Bitcoin to become a store of value, the World Gold Council has stated in its reports that Bitcoin is “no replacement for gold.”

Recently, in reaction to “Drop Gold”, Roy Sebag of GoldMoney wrote in a note that gold is actually better than Bitcoin because it is far from being weightless or virtual and rather in actuality is physically heavier than gold, and occupies more volumetric pace. Additionally, gold is more value dense than BTC, and that Bitcoin needs gold to exist which isn’t the case for the yellow metal.

However, Sebag also wrote,

“It is my final hope that the Bitcoin community will embrace this research and a shared understanding that the Gold and cryptocurrency communities should be working together rather than against each other as we march towards the inevitable demise of the fiat currency system.”

This is what Bitcoin bull Max Keiser of Keiser Report, who has openly criticized banks and government controlled fiat system emphasizes on as he calls for Bitcoin and gold communities to join the fight against the manipulators.

Do you think gold and Bitcoin communities can work together to fight the current fiat system?

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