What is Gold backs buy? Nothing but human history, time and the illusion of scarcity( since nobody knows the true supply of gold, custodians can lie on paper or someone could go dig and find more).Bitcoin was created after the 2008 housing crisis and the banking failures. It provides a solution to force everyone and every entity to become honest by its immutable ledger that is accessible to the public at large. It forces corporations and governments to respect private property. It prevents theft through inflation The first triple point asset ever created: (a) The best store of Value, (b) The best medium of exchange, (c) The best unit of account. Bitcoin is the only asset that exists in all those three functions of money at the same time Given those, over 8 billion people are competing for each of those three functions in some aspect. Either they find some of those in fiat, some in gold and in other assets, but never all three in one asset until Bitcoin. Here’s your total return if you have been holding the following assets in 14 years since Bitcoin went public:Gold = 94%S&P = 312%BTC = 2.6 billion %Bitcoin is the best performing asset in all of human history. Bubbles last on average 5.6 years economic cycles or less. Bitcoin is approaching 15 yearsBeing someone who has worked all of his life and watching my savings gone down the toilet through the years and therefore cannot afford to retire. Having said all that, knowing there’s now an asset that solves that problem, how do you think I value that asset? How do you think 8 billion people will value that asset when they’ve come to realized what it is and it’s supply is known and capped?All the top money managers in the world are grabbing all the BTC supplies from the exchanges everyday, governments are accumulating thousands without putting them back into circulation. Meanwhile the common folks are sitting back calling it a scam, a ponzi, a bubble, a mania etc…I wonder why? via /r/Bitcoin https://bit.ly/48p5hsn
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