Bitcoin Forum

Why do they think bitcoin is cannibalizing gold? Is there data that the biggest gold traders are leaving gold and are now trading bitcoin? What if the gold traders are selling their gold to buy real estate and land or another sounder investment than bitcoin.

Do not trust what the media writes. Sometimes they are more ill informed than us.

http://1.bp.blogspot.com/-oxmptWCijU0/ThZjggGi8_I/AAAAAAAAASc/HFefEmL_xyY/s400/mass_media.jpg

Business Insider executive editor Sara Silverstein discusses a recent research note from Fundstrat's Tom Lee says bitcoin could be a true substitute for gold and cannibalize some of the $7.5 trillion market. Lee  estimates the cryptocurrency could be worth $20,300 by 2022. This estimate is based largely on the assumption that bitcoin can increase its share of the "alternative currency" market, which is mostly gold, from 0.7% to 5%.

Watch the video http://www.businessinsider.com/bitcoin-price-soar-20000-tom-lee-fundstrat-gold-2017-7

This was reported a week ago by CNN.
http://www.cnbc.com/2017/07/07/strategist-tom-lee-weighs-sees-bitcoin-going-as-high-as-55000.html

There is something wrong with the link posted. I get a 404 error when I click on it.

@pitham1. The link works for me. The question remains the same. Where is the data that would prove that bitcoin is cannibalizing gold? What if the gold traders are now buying another sound investment like land or maybe they are holding cash to remain liquid?

Tom Lee must have invested a lot on bitcoin and has turned shill.

English site ruined, must use French URL: www.businessinsider.fr/us/bitcoin-price-soar-20000-tom-lee-fundstrat-gold-2017-7 (http://www.businessinsider.fr/us/bitcoin-price-soar-20000-tom-lee-fundstrat-gold-2017-7/)

Your problem is where you think of Bitcoin as investment, if you think like that you'll definitely be disappointed, what's wrong with the real and true concept behind it? how come you never think of it as a digital currency? comparing gold with Bitcoin is wrong, they are both different things entirely, you can never carry gold on your phone, you can never buy a a security guard with a vault when you are buying gold, you'll have to pay for them separately.
However gold and btc are very much alike, if you ever want to hide your transactions and activity you could use a mixer, with gold you could melt them and both comes with some fees.

You should consider mining as investment and talk about risks in that area, unlike gold mining Bitcoin is not exclusively for governments only having the authority to mine.
I also wouldn't stay solely stuck with btc, when this idea came out reverse engineering started and there are actually a few good coins other than btc with the same potentials and with less limitations.

BBC "reporter" isn't the sharpest tool in the box.

I'm starting to wonder what the hell his problem is.

This is what you get when some of the media people will start to be pretending to be expert in Bitcoin and other types of investment vehicles. While gold and Bitcoin remains to be good tools to "invest" our money with, in my view, they are completely different platform and they have their roles we have to respect with.

Gold has been called the safe haven for a long time now and for good reasons since gold is more stable and not as volatile as Bitcoin or maybe even compared to the fiat money. During the times of great difficulties and uncertainties, many investors would throng to gold to tied up their wealth. Although some of gold traits can now also be seen with Bitcoin, we still have to see how this cryptocurrency can behave during economic and political upheavals.

Is Bitcoin cannibalizing gold? That remains to be seen but personally I don't believe that this can happen. There might be some shift but it would not be massive that can warrant the use of the term "cannibalizing" though anything can happen in this world no matter how remote anything can be.

The idea that Bitcoin can be $20,000 is the only thing I would like to pick from that article.

I am not so sure if those who are into gold are now transferring their attention and affection towards cryptocurrency though of course it can be possible. Now, what I only like is that prediction that due to this possible shift Bitcoin can be a big beneficiary making its value go up as high as $20,000. Well, I would not have any problem with that though it remains to be seen if this analysis can come true.

I would not fix physical gold with virtual bitcoins. Both are valuable assets one can not replace the other. Gold has been there for thousands of years and it will stay for sure.

Le Bitcoin?  What the hell is that?!