BTC is the Winner?
Gissis just published an update that apparently draws form a recent article in Coinbase. The update points out that gold is now in high demand as a result of the COVID-19 pandemic and, as a result, is in short supply; it is hard for the investor to obtain, at least in small quantities. The gist of the Gissis update is that, because gold is so hard to acquire, BTC is a much more desirable asset.
This is a thought-provoking point of view from at least two points of view:
1. The supply of BTC is not unlimited and, therefore, one would also expect that it could also become in short supply if there was a high demand for it. Won’t a high demand for BTC also take place as a result of the COVID-19 pandemic and also create a short supply?
2. It would seem that, due to the scarcity of gold (and other precious metals?), the price of gold could conceivable go “through the roof.” This would appear to be GOOD for holders of gold. In general, scarcity usually results in higher value.
These are a few things to think about when reading the Gissis update. I’ve reprinted it below…
COVID-19 proves Bitcoin’s advantage over gold.
The pandemic has brought the world to a standstill but has been able to give perspective on bitcoin and gold and the need for a hedge against such uncertainty that we are going through right now.
According to a report published by Coinbase, the flight to gold has resulted in an unprecedented international shortage. Not only does this prove that bitcoin is superior to the precious-metals but it could be a reliable full of money to fall back on if need be.
The report looks into the efficiency that gold and bitcoin have on the market. With fears of the coronavirus spreading throughout the world, many investors are piling the money into gold to help secure their wealth. As a result of this, gold is currently experiencing a shortage around the world. The report by the platform quotes from several publications that have recently looked into the increased demand for gold and its reduced supply.
One report from the LA Times highlights that the gold market is going through a historic squeeze as coronavirus prevents physical trading as demand for gold increases. According to researchers at Coinbase, these shortcomings of the gold market are only proving how bitcoin has an advantage over it.
The recent challenges of the gold market reveal Bitcoin’s distinct advantage over gold: Bitcoin does not rely on fragile physical supply chains and is truly globally accessible.
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