But you can hold gold cheaply in fiat. Cash in your paper and buy Eagles. $2600/oz. Guess how much XAU/USD has gained since March of 2021? Hmmm.
So BTC has been mainstream for years and peak to peak (over 40 months) it's flat. As a USD-pair, gold has appreeshed 45%. Whoa. Empirically you're dead wrong.
Dude, you really need to try harder. And that's against the monster post-COVID return of USD. Imagine the returns on FX that performed poorly. The benefit of a shitty sovereign. Fiat! Gold more than doubled against Yen.
We currently have a hybrid system. You could currently have all your wealth in BTC but you almost certainly would have to convert it to fiat to buy a car, a house, or a beer. Of course today you could run across a situation where you could purchase a particular physical asset directly with BTC, but it might not be the house you want. It’ll be the one that accepts BTC. I’m a bull at the moment because of the other factors but the adoption of BTC by the masses is what it will take to hit the moonshot numbers the talking heads are predicting. That or BRK and friends deciding to shake up the crypto market with all that cash on hand. When I first heard of bitcoin it was being pitched as a replacement for fiat and first impressions tend to stick for better or worse. Now it’s being pushed as a replacement for gold, bonds, and real estate but not as a cash replacement. I believe the biggest tailwind BTC could hope to get is being used by average people for daily transactions. Don’t get me wrong, institutional investors and nation states will have a dramatic effect if they keep at it. But…. 8 billion people using BTC for morning coffee would likely mean they have all their wealth in BTC. Not just 3% of it like me. I have only met one person in real life that said they had any BTC and it’s been a while since I met them. I haven’t come across anyone in my place in the world that has any. Sometimes I wonder how many people have some but don’t tell anyone. It’s hard for me to believe stats that say 1 in 4 Americans are bitcoin holders. But I’m in the middle of nowhere and anyone here with excess wealth wants land. Not gold, not bonds, not stocks, or anything else just land. Take all of my opinions with a grain of salt. I focus on the agriculture markets and BTC has been a needed distraction for me this year. I don’t put much time into it, just what I read here and I listen to a couple talking heads. It’s scratching my gambling itch a little as I have zero ideas how to estimate the demand side. The supply side is the opposite of what I’m used to…..it’s completely known and I don’t have to track weather, acreage reports, etc
I'm definitely one of the NFT speculators on ET I lost over $200k (fiat value on eth-converstion) on Bored Ape as I mentioned on at least a post from 2 years ago Which is why I stopped calling myself a Bitcoin maxi as a maxi won't gamble with NFT's or meme coins or other altcoins Bitcoin is a savings account store of value asset. It's the best form of money, in my humble opinion
No, like any valuable collateral pristine asset, you can borrow against bitcoin to buy a car, a house, or a beer, This is true for the real bitcoin as of today It's the best form of asset for the lenders as it has global deep liquidity 24/7/365, their risk is very small compared to real estate or other forms of collateral asset I'm not sure if the bitcoin spot etf's from Blackrock and Fidelity allow this now, but I don't see a reason they wouldn't offer this in the future
There are (only) about 53 million BTC addresses globally, as of today. And about 98% of those have a balance of less than 1 BTC.