Dump Gold, Buy Bitcoin?
According to CNBC , investors are dumping gold to buy bitcoin.
Are you dumping gold for bitcoin?
Is this a classic contrarian blood in the streets moment?
This is the most interesting data point from the article:
"If you add up all the cryptocurrencies and the liquid gold that's in the market right now, the cryptocurrencies in market cap are now 23 percent of the liquid tradeable gold," he said. "That's up from 2 or 3 percent a year ago, so cryptocurrencies are definitely eating into the gold play."
Nation-states are still big holders and buyers of gold and it's lasted for 5,000 years as a store of value, so I'm not sure I'd get rid of my gold, but I do believe that all value comes from human consciousness so, if millennial generations and younger see bitcoin and crypto as their store of value, that's where the value is.
If you want to watch the bitcoin vs gold debate between Max Keiser and Peter Schiff, here it is (note that bitcoin was under $3000 when this conversation took place and gold was, well, slightly higher than it is now at $1255:
Leave your comments below!
[Signed, Stacy]
Max / Stacy, I hear a lot of people on Steemit are buying cryptos and if they get a nice gain, they buy physical metals with it. It's a win / win for both if that trend continues.
Gold and silver have been down recently and gold mining shares down big time since September. I've just gone long gold miners for the first time since 2003 so hopefully this is the blood in the street moments! LOL.
This is the first post I've stumbled upon that truly made me burst into laughter! All while keeping relevance and sharing useful information. I'll tip my hat to you, @keisrerreprot
Hello @keiserreport
I quite I agree with you...
Change is one thing that's constant in life. This is most reflected in fashion and how things are done in societies. And so if this generation is out to embrace cryptocurrency at expense of gold, so be it; isn't it?
@eurogee of @euronation
Make millions on crypto - move into gold - own real wealth.
Gold is the most indestructible capital on the planet 65 centuries running.
The CBOE and CME are giving credibility to Bitcoin on both Wall St. and soon Main street. Now that there are Derivative futures markets, big money players will be able to use Bitcoin and lock in the Value to US Dollars. This should result in increased demand as soon Mom and Pap and then Grandma will be using Bitcoin on the smartphone.
https://steemit.com/bitcoin/@i-am-mark/no-one-gets-it-the-real-significance-of-the-cboe-cme-having-bitcoin-futures-contracts
Keep it up Max & Stacy, love your ENERGY !!!!
That's what Voren Buffett says
If you were bright, you should be dumping bitcoin to buy gold and silver. If you invested in bitcoin before 2017...
I had never saw that meme. It's awesome. Can I ask you where was this posted to received so many views in such a short time?
Our Twitter streams! I have 75,000 followers https://twitter.com/stacyherbert Max has nearly 200,000 https://twitter.com/maxkeiser and Keiser Report's at nearly 70k https://twitter.com/keiserreport
Not that view numbers goes into payout, it seems? Just based on votes?
It's based on votes weight but it help. I love to see a lot of views on posts. I'll make sure to reward your even more in the future.
The millennial argument is very strong because they will be the consciousness of the next generation. Schiff's argument about technology changing is also valid and millennials may not stick with BTC if slicker technology comes along. After all, nobody wants to be using a brick phone when everyone has a smart phone. BTC will be in control for the foreseeable future but I think taking some profit and diversifying into altcoins and even gold is not a bad idea. I know Max said he bought 1 BTC worth of altcoins around Thanksgiving and that has done very well... may be not as well as BTC now but if he holds the alts for a few years... you never know.
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