Bitcoin is not Gold, twitter CEO says Bitcoin is future currency

There have been comparisons between Bitcoin and Gold and Bitcoin has often been dubbed “Digital Gold” by enthusiasts. However, BTC and gold are completely different things and Bitcoin cannot and should be thought of as a “digital gold”. For one, Gold is a tangible asset and substance and has intrinsic value. It is used in manufacturing(even though silver is more so) and Jewelry. People(especially women) think it looks pretty and want 24-carat golden things. No one wants a 24-carat bitcoin thing and so there is no intrinsic value for Bitcoin outside of being a medium of exchange whereas gold has other valuable roles in society whether its being used for Jewelry or used for manufacturing products. There are certain things you can’t make without gold because of its specific metallic properties. Gold is also much more stable than bitcoin and is therefore a much better store of value. A store of value can’t fluctuate by over 30% in a single day and still be viable as a store of value so until Bitcoin calms down a bit, I can’t think of it as that. Right now Bitcoin is mostly a speculative commodity that can sometimes be used as a medium of exchange.
Twitter’s CEO has said that Bitcoin will be the world’s only currency within a decade, which is odd because Twitter just banned all Crypto Ads on its network. I don’t believe in his prediction. I think cryptos like Bitcoin and Litecoin will work with the current financial structure but not replace the current structure altogether. Cryptos aren’t FDIC insured and are very prone to both hacks and being stolen from someone by force. Since it is much harder to trace cryptos than cash or credit, the thieves can easily get away without any way to find them. I think these inherent problems with Crypto will keep it from completely replacing cash.

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