Ha yes, that is a good point. That would be fine by me if gold just became another "jewelry metal" and bitcoin takes the majority of its $10 trillion dollar market. :)
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Ha yes, that is a good point. That would be fine by me if gold just became another "jewelry metal" and bitcoin takes the majority of its $10 trillion dollar market. :)
Gold is also used in electronics.
I guess you probably already knew that though... although I didn't know the estimates given.
And it's used to reflect space radiation apparently? So we might use it more if we do more space exploration.
Also if gold loses market cap to Bitcoin that will make many mining operations less profitable, thus reducing the supply and maintaining equilibrium at a lower level. It's not like its value can just get wiped out by Bitcoin SOV. I'm actually more worried about property SOV tanking because of Bitcoin more than gold, because buying property is a huge commitment with a lot of overhead, while anyone can buy any amount of Bitcoin or Gold without taking out a loan because it's Fungible.
If property stops being the goto means of storing value for citizens that will be hugely disruptive to the economy and change the entire game. Imagine going from wanting a house with a white picket fence... to wanting to own one Bitcoin :D Crazy thought.
Yes though people do need places to live and the population is ever increasing while land is staying static... And remember, it is often the land that the home is built upon that you are investing in, rather than the house itself. Though people love to talk like it is actually the house. Yes kitchens and number of bathrooms matter, but in general a house is a deteriorating/depreciating asset while the land it's built upon is not.
True, but I feel like that just opens up another can of worms. The only way to truly own land is if you can stop someone from taking it by force (military). It is arguably the government that owns all the land and they simply rent it out to the population in the form of property taxes.
Meanwhile, you can actually own Bitcoin and the government can't take it away from you if you take the proper precautions. In fact, they wouldn't even know how much one controls if one played the game very well.
It sounds like such a nonsensical dystopia thought-experiment not based in reality but I get the feeling it will become more legitimate over time.
We could see a property death-spiral, especially if crypto city-states start popping up that allow citizens to own property without paying any taxes on them.
And that is interesting regarding the amount of gold in electronics. I knew it was of course, but I had no idea the actual dollar amount. $.50 per is higher than I expected.