3 ms·
Cash is a bad savings vehicle not because its based on trust, but because they keep printing more of it and it already reached price maturity in terms of market
by trident1000 6y ago
Cash is a bad savings vehicle not because its based on trust, but because they keep printing more of it and it already reached price maturity in terms of market cap (its saturated in how many people keep wealth in it, especially as an inflationary asset).
Bitcoin has been a very good savings vehicle over the past 12 years in terms of long term moving average. Like social networks such as facebook, gold, etc, it has network value and these tend to be hard to break when at scale (there are many forks and all are worth nothing). Bitcoin is now (aside from ETF's and 401k's) the single most held liquid tradable asset on earth. More people own it than stock in Apple (not in ETF or 401k form).
You think the gold MC is based on utility? There is not a 9 trillion electronic plating and jewelry market. Jewelry is also by extension speculation on the metal. 95% of golds market cap is through the same value social network that gives bitcoin value. Except I've owned physical gold and its a pain in the ass for so many reasons. Bitcoin is a better store of wealth. Its something that is useful and limited to many including myself and has reached the beginnings of mass adoption. It has value.
So you can continue to call it a beanie baby but that old phrase has been said since 2011. How long can you shake the cane at the sky? Even JP Morgan and Goldman Sachs have come around in addition to Paypal and the others. The entire legacy financial system is adopting at this point.