Bitcoin moves around the world with the ease of email and is secured by blockchain, an unbreakable transaction record.
But if gold can someday be profitably recovered from the ocean—or even mined from asteroids—could increased supply lower its price? In short, could gold become obsolete as a store of value in the future? If so, what would replace it?Bitcoin backers argue that traditional methods of establishing value—earnings, expenses, market share, innovation, future growth and profit—don't apply to the cryptocurrency.
In 1968, Jack Lefler published one of the first articles predicting the emergence of a cashless society. Wrinkled bills and coins, he believed, would be replaced by a single card. "People regard cash as a 'store of value' and a 'safe haven,'" the report said."According to our proprietary survey of 3,600 individuals across the U.K., U.S., China, Germany, France, and Italy, one-third of Americans and Europeans rank cash as their favorite payment method."
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infidelcastro
Gold is $1800/ounce. Bitcoin is $40,000.