Ron Paul's Liberty Report: Bitcoin vs Gold vs Fiat
Former Republican congressman Ron Paul tweeted out a poll on December 5th asking his followers how they would invest a $10,000 gift. There was a bit of a twist though, they wouldn't be able to touch the money for 10 years.
Ron Paul gave his followers four options to chose from: U.S. dollars, gold, U.S. ten-year Treasury bonds or bitcoin.
The results of the survey showed that more than 50% of his followers believed that Bitcoin was the most legitimate and trustworthy investment over gold and fiat options.
As Bitcoin picks up speed in trends throughout mainstream media, it's beginning to finally gain the momentum of the recognition it deserves.
On his Youtube channel, The Liberty Report, Ron Paul himself said was surprised by the poll results. He takes the realistic stance, explaining that the Bitcoin market will have to correct itself eventually. He goes on to explain in the video below how Bitcoin is driven by the subjectivity, or the subjective theory of value.
I could not agree more with him on that. We, the people drive the cryptocurrency markets according to how much certainty we have in this decentralized monetary system.
I think Ron Paul himself would have voted for gold if he could have. He explains in the video below, "I'm very sympathetic towards gold, I believe gold has a long history... I have a hard time accepting that gold is no longer money."
At the Money20/20 conference in Las Vegas this past October, Apple co-founder Steve Wozniak said that bitcoin as a stable store of value is better than gold and the US dollar. (Just like the majority of the poll-takers believed) He emphasized at the importance of two main things. The difference between Bitcoin and other investment opions is that Bitcoin has a finite supply that will be capped at 21 million, and the decentralized structure of the cryptocurrencies. These two attributes enable bitcoin to be the best store of value in the global market.
“Gold gets mined and mined and mined. Maybe there’s a finite amount of gold in the world, but Bitcoin is even more mathematical and regulated and nobody can change mathematics."
Wozniak stated, commenting on the transparent and p2p protocol of Bitcoin.
I believe the people who are skeptical of cryptocurrencies are so hesitant because of the volatility of the market, and they maybe don't necessarily understand the fundamentals of Bitcoin. Bitcoin is paving the way for other cryptocurrencies to provide solutions like faster peer to peer transactions, privacy, smart contracts, etc. The price of Bitcoin doesn't really matter as much as the technology behind it. I truly believe the blockchain is going to change the world.
Sources:
https://bitcoinmagazine.com/articles/money2020-wozniak-thinks-bitcoin-better-gold/
https://twitter.com/RonPaul
http://www.ronpaullibertyreport.com/
Good work
Bitcoin is sure being seen as a store of value by the younger generation, we'll just have to wait and see how much it is adopted by the general public!
What is your opinion on the investment value of Bitcoin?
I feel that an element of it is a little bit of a promise. There is a willingness and trust to believe in what blockchain can deliver. However we will get to a point where a critical mass of mainstream adoption is required.
If rampant energy consumption and speed become big issues, then we could see that faith falter. Which is why I wouldn't to have my money locked in for ten years. It has the potential to go either way at any time, boom or bust, and you've got to be responsive to be able to react to that.
That is true signs of change bring the Bitcoin and coming the time it will be more use full and helpfull for everyone.
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