An ounce of Gold or an ounce of Bitcoin?! (Contest Inside!)
Ok ok, Bitcoin isn't actually measured in ounces, or any other form of weight for that matter.
However, for those of you that are into this sort of thing...
Bitcoin is now almost 3x the current price of the yellow metal as it is setting new highs today over $3400 per coin.
Why is that significant?
Well it isn't really, other than the fact that Bitcoin is often referred to as the digital gold. With hopes to be the new store of wealth that gold has been for so many centuries.
Just 6 months ago, Bitcoin and gold traded at parity around $1200, meaning they were both trading for roughly the same amount.
In less than 6 months, Bitcoin has tripled and gold has...
...well gold has stayed roughly the same, currently tipping the scales at $1258.
Can you see why investors are starting to flock to cryptocurrencies?
The chart below shows the price of gold over the last 2 decades:
Other than this symbolism there really aren't many similarities between gold and Bitcoin.
One is physical, while the other is digital.
One has a finite supply, while the supply of the other one fluctuates with it's price.
Plus there really is no similarity in their market movements basically since Bitcoin was created.
Either way, I still like the label of Bitcoin being "digital gold", it has a nice ring to it and I would sure love for Bitcoin to copy that chart of gold above over the next couple decades! :)
Back to the title of this post...
I have a riddle for my readers out there, and the first person to correctly answer this riddle gets 1 SBD.
The riddle is likely one that you have heard before, but think a little more critically about it this time.
The riddle is as follows:
"What weighs more, a pound of feathers or a pound of gold?"
The first person to correctly answer this and to tell me why in the comments section wins 1 SBD!
Good luck and stay informed my friends!
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