Fair points here.
But gold is not scarce. We do not know how many ounces of gold are out there or how many there will be in 20 years.
We have mountains full of gold, grand canyons full of gold, and volcanoes in Antarctica full of gold.
I think that over time, gold will go to almost zero in terms of bitcoin. Mostly because bitcoin has a fixed supply.
And when people are holding bitcoin instead of gold as their savings, what’s the new value or use case for gold?!
It doesn't matter how much or how little gold is out there .. it may exist on other planets too :-)
The value of all that is equal to value of all the Bitcoins in steady state .. say hundred years from now ..
Gold is proven through duration ( past) .. Bitcoin is proven through math ( future)
But why would someone hold gold instead of bitcoin?
If there’s less demand, the price will fall compared to fiat and bitcoin.
It depends on skills - to my wife , holding Bitcoin is impossible proposition .. holding gold is so simple .. I am quite the opposite ..
We can never speculate all the intents and inspirations .. people do what they like to do :-)
Yes .. there can be less demand of value ( gold) in physical world than that ( btc) in digital world .. price would adjust automatically.. but reverse is equally applicable and probable ..
we kinda do - there's billions of times more gold out there than we've mined.
so you can't get excited about this recent pump. it just means all these reserves that were too expensive to extract are now economically viable - and will be extracted and brought to market
There are trillions of nano-sats out there that we haven't started thinking about yet in digital realm .. but the quantity doesn't matter at all .. the value stays equal on both sides .. if qty increases on one side , price falls - total value stays same on both sides of the equality .. understanding equality is important
The value in physical world = value in digital world
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