There’s an impression that Bitcoiners don’t like gold.
What do central bankers and toxic bitcoin maximalists have in common?
They both hate gold.
However one of them is smart enough to stockpile it in record volumes.
Have a great day you laser eye people.
— Gold Telegraph ⚡ (@GoldTelegraph_) December 11, 2022
And sure, there’s a lot of back and forth between Peter Schiff and Bitcoiners…
Today #JamieDimon compared #Bitcoin to pet rocks. But that is not really a fair comparison, as pet rocks actually have some utility. You can use one as a paper weight, a door stop, slingshot ammo, or to decorate the bottom of a fish tank. If you have three of them you can juggle.
— Peter Schiff (@PeterSchiff) December 6, 2022
But outside of Twitter, this ain’t an emotional thing.
To understand Bitcoin, you have to understand money.
To understand money and its evolution over time, you have to understand gold.
To understand why Bitcoin is succeeding, you must understand where gold failed.
How has gold failed?
As Dylan discusses below, it’s not about gold failing as a store of value, but as a medium of exchange.
The classic debate:
Gold or #Bitcoin? pic.twitter.com/o74yw9doca
— Dylan LeClair 🟠 (@DylanLeClair_) November 30, 2022
Gold is doomed to repeat the same centralisation cycle due to its limitations in moving value across space in a world built on the internet.
This isn’t about being emotional.
It’s about being realistic.
This doesn’t mean gold hasn’t done a great job holding value over time.
This doesn’t take away the fact that gold has a far deeper history than Bitcoin.
It does point to Bitcoin being the future of money.