So Uganda has allegedly discovered 31 million metric tons of gold just sitting around waiting to be mined and refined. The current value is around 12 trillion USD.
This is great for Uganda–but not so great for other gold holders around the world.
For money to retain value over time, it MUST be scarce. And this is why gold has largely carried its worth over thousands of years.
In order to find, mine and refine gold, you must expend enormous amounts of energy and put in real ‘work’ to reap the rewards. But this doesn’t change the fact that we don’t know how much gold there really is.
The supply is still increasing.
And the higher the value of gold becomes, the more gold miners are incentivised to find more… which makes it less and less scarce over time.
You can’t ‘discover’ more Bitcoin.
It doesn’t matter how much the demand increases… no one can create more Bitcoin beyond the predetermined amount. The supply is known and anyone can verify it.
Money with a provably finite supply that cannot be changed.
Money that requires ‘work’ to produce.
Once you get just how scarce Bitcoin is, you begin to look at value through an entirely different lens.
When saving Bitcoin, you know that every sat is part of that finite supply. You can hold it today and verify that it will still be just as scarce in the future. If you want to save sound money while we’re still early, we make it easy to build a Bitcoin savings plan at FastBitcoins.