Roger Ver Takes Time to Remind Hardcore BTC Believers About Gold’s Store of Value Uses
It’s amazing how many BTC maximalists don’t even know that gold has a huge amount of industrial uses completely separate from just being a store of value. In fact, it’s those other uses that enable gold to be used as a store of value.
— Roger Ver (@rogerkver) February 20, 2019
These 2 sentences of merely 43 words have at least 5 mistakes in it. Let us look at a few of them.
To start off with, his assertion of BTC maximalists is wrong. Bitcoin maximalists believe that Bitcoin is the best cryptocurrency in the world. Although they know that it has some issues such as scalability problems and lack of smart contracts, they are convinced that in the future Bitcoin would offer everything that investors are searching for. That means that these supporters think that, at some point, Bitcoin would monopolize all the market.
However, the point that Ver is making, about Bitcoin being a better store of value than Gold, has nothing to do with Bitcoin maximalism. You don’t have to believe in BTC in fact to hold that view. Just have to hold a belief that a trustless system with P2P sharing abilities and a finite amount of tokens can replace Gold. There are many who are not BTC maximalists and hold the view like the following Twitter user pointed out.
Another major mistake in the statement made by Bitcoin Jesus is that Gold’s industrial use makes it more valuable than BTC. Many of his followers noticed this flaw in his reasoning. One of his supporters says:
“If gold were useful but also as plentiful as grains of sand, it would be nearly worthless. It's not worth money because it's ‘useful', it's worth money because it is scarce. BTW, Satoshi explained in detail how bitcoin mimics (and improves) upon the properties of gold. Plus if these ‘industrial uses' are so important, how come most gold is sitting in vaults being industrially completely useless? Obviously, it is fulfilling its main use, as a store of value.”
Gold was a store of value before industry existed.
Gold was store of value LONG before industrial revolution or any form of industrial production.
— Stjepan (@sosojni) February 20, 2019
If you want to learn more about the differences and similarities between Bitcoin and Gold’s store of value, we have summed it up in this article.