- Brendan Blumer talked about the similarity between Gold and Bitcoin.
- A person is showing his or her own insecurities regarding Gold or Bitcoin by claiming one is better.
- Brendan Blumer isn’t the first person to make such claims about Gold and Bitcoin.
In a tweet today, Brendan Blumer talked about the similarity between Gold and Bitcoin. He claimed that anyone saying that one is better than the other is attacking both of them. A person is showing his or her own insecurities regarding Gold or Bitcoin by claiming one is better.
#Bitcoin and #Gold share core values and supply integrity. Anyone egregiously attacking one in favor of the other is undermining both, while highlighting their own insecurities in regards to their chosen favorite. @RaoulGMI @PeterSchiff @novogratz
— Brendan Blumer (@BrendanBlumer) February 19, 2020
Bitcoin and Gold, both are indeed valuable commodities. However, if you ask anybody whether they would choose Gold or Bitcoin, the most frequent answer would be Gold. The question is it so? The reason people would choose Gold over Bitcoin is that Gold has been around for ages.
Since ancient times Gold was considered precious by almost everyone and thus became a tender for global exchange. Even the physical currency that we have today is often valued against Gold.
As for Bitcoin, they are a pretty recent phenomenon, and on comparing the duration of their existence to that of Gold, we can see that the ten years of Bitcoin is negligible.
Another factor that gives Gold an edge over Bitcoin is its physical nature. For most people, the things they can touch and feel becomes more significant than something imaginary (Bitcoin is not physical; they are just a record of you having certain value).
Now, irrespective of the security systems associated with Bitcoin, if a breach happens and the data is erased, they are gone. However, Gold cannot be wiped out of existence, which makes people trust more in Gold.
Brendan Blumer isn’t the first person to make such claims about Gold and Bitcoin. James Wo, Founder of DFG Group, tweeted on similar lines asking why Gold has a higher market cap when compared to Bitcoin.
As many people pointed out, Bitcoin is something that is man-made and has a logic behind it. So, a person could replicate it and, in a way, create unlimited wealth.
However, Gold is a natural physical commodity and cannot be replicated by any means, making it ultimately rarer than Bitcoin and thus making them far more valuable in the end.