Brexit: Gold Might be a Better Bet Than BTC for a While

[OROBTC]

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Most polls had the UK to "Bremain", late last night all that was smashed to pieces.  The UK Pound was down huge, the largest drop since the currencies were permitted to float.

Gold was up some $50, one of the the only times that has ever happened.

FEAR is ruling the financial world this weekend.  Derivatives and margin calls may hit on Monday (remember October in 1987?  Monday was the killer after a bad prior week).  Risks of contagion are very high.

When there is fear in the air, people flock to gold.  Yes, BTC will likely perform as currencies become perilous.  BTC may be better over a longer haul.  But it is the short-term that I am looking at hardest.


Prudence would suggest that everyone own some gold.

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[MingLee]

Anyone who doesn't own gold after the Brexit is either a fool, too confident, or too financially unstable in order for them to own some gold. The world markets are all going to be wanting to throw themselves off buildings after this, and it will cause massive changes within the EU and how everything is run. It also takes a big chunk of the EU's economic product away (relative to other nations), and it might burden the remaining big economies even more, on top of the migrant crisis and everything else happening.

I'll probably look into buying some gold very, very, VERY soon.

[leopard2]

TODAY:

Brits were unable to withdraw money

http://www.dailystar.co.uk/news/latest-news/525275/Panic-Brits-denied-cash-abroad-Sterling-crashes-Pound-Brexit-Europe-Referendum

http://www.mirror.co.uk/news/world-news/uk-holidaymakers-greece-refused-cash-8274302

A tiny pretaste of what is lurking due to fiat money and the entire system based on it. Gold is nice, but for transferring money, a bit impractical. A Mycelium or other mobile BTC wallet and a bit more acceptance, and we can take the banks out of the equation.

...BITCOIN NOT AFFECTED...  

[7788bitcoin]

I think these are just knee jerk reactions to the result of Brexit. The date is still not set and there is still about 2 more years before UK truly leave EU. Uncertainty is before us but changes will happen gradually.

[tobacco123]

I think these are just knee jerk reactions to the result of Brexit. The date is still not set and there is still about 2 more years before UK truly leave EU. Uncertainty is before us but changes will happen gradually.

Although there are two more years to go, things are really different now. Imagine after telling your boss you are leaving your job in 1 month, the way your boss treat you will be very different in the last 1 month...

[clarkgeneral86]

Gold has no upper limit; bitcoin is orders of magnitude more limited than gold is so as more people want bitcoins, they'll have to pay more to get some, plain and simple.

[panju1]

I think these are just knee jerk reactions to the result of Brexit. The date is still not set and there is still about 2 more years before UK truly leave EU. Uncertainty is before us but changes will happen gradually.

The market is factoring in new information.
Even if it will be 2 years before UK truly leaves the EU, there will be major implications.
Companies will start factoring it in their decisions today. Home prices will start reflecting it today.

[thejaytiesto]

Gold has no upper limit; bitcoin is orders of magnitude more limited than gold is so as more people want bitcoins, they'll have to pay more to get some, plain and simple.

You make no sense. Bitcoin has way more potential of growth than gold. Gold needs billions and billions of dollars coming in to make big moves due its humongous marketcap. Meanwhile Bitcoin can go to mars if people move small % of their wealth in. In fact, Bitcoin has already outperformed every other asset on earth:



Bitcoin is king.

[Pab]

Brexit has begin finacial crash in my opinion it will be begger than 2008
Why Deutche Bank lost 15% yesterday BNP ParisBA lost 18% Sntander 22%
all big european banks from begiing of the year lost from over 60% to over 80%
and yestertday panic,is it about Brexit what will really happen in minimum one year
my opininion no,derivatives market is going to crash

[alyssa85]

TODAY:

Brits were unable to withdraw money

http://www.dailystar.co.uk/news/latest-news/525275/Panic-Brits-denied-cash-abroad-Sterling-crashes-Pound-Brexit-Europe-Referendum

http://www.mirror.co.uk/news/world-news/uk-holidaymakers-greece-refused-cash-8274302

A tiny pretaste of what is lurking due to fiat money and the entire system based on it. Gold is nice, but for transferring money, a bit impractical. A Mycelium or other mobile BTC wallet and a bit more acceptance, and we can take the banks out of the equation.

...BITCOIN NOT AFFECTED...  

Those are FOREIGN Banks in foreign countries who are panicking.

Everything in Britain is working as normal - we have our own currency, we control our own currency, we now are no longer part of the EU with it's mad ideas about confiscating people's savings via bail-ins (something Britain has never done in 1000 years of history).

Brexit has made Britain safer and your ordinary Brit isn't going to sell the blessed pound sterling for anything else.

Foreigners might panic though.

[n691309]

Many british people were not able to withdraw money as mentioned in the third posts here but I don't prefer to buy gold to escape this situation, bitcoin is much better and easier to manage them as it is digital asset instead of gold which is physically. Panic is everywhere even in bitcoin because of halving but hope this time will be good.

[Chris!]

In fact, Bitcoin has already outperformed every other asset on earth

No it hasn't lol. If you're talking about currency then yes (unless there's some small scale crazy unstable currency that's doing well somewhere?) but there are better assets in terms of growth out there.

Check it out: http://www.greenandredmarket.com/menu/yeartodategainers.htm

[Yakamoto]

Many british people were not able to withdraw money as mentioned in the third posts here but I don't prefer to buy gold to escape this situation, bitcoin is much better and easier to manage them as it is digital asset instead of gold which is physically. Panic is everywhere even in bitcoin because of halving but hope this time will be good.

I would think it all depends on who had what connections during the Brexit, and those who knew people with ties to the precious metal distribution or mining industries could have potentially walked away with some gold or other precious metals before everything went down, but Bitcoin would have also been a relatively good investment, assuming that they had the money to go out and buy it at the time.

[Fortify]

Bitcoin is still a relatively new currency but doesn't compete directly with gold. You can have physical holdings of gold, held in secure vaults and it should be very safe. It's value is decided by the market and supply, but you tend to see long term trends. Bitcoin security has been good so far, but any exploits that come up could cause a sharp devaluation. The longer it has been around, the less likely that is to happen but being decentralised it inherently suffers from the weakness of the 51% attack.

[BitcoinNewsMagazine]

Diversification gentlemen! Everyone should hold some gold and also the second largest market cap cryptocoin. You can carry the private keys to a million dollars in bitcoin in your pocket using a hardware wallet that will get through customs. Can't do that with gold.

[The Sceptical Chymist]

I bought a silver eagle yesterday, not because of brexit but because I like the coin and like to own silver.  Gold is too rich for my pasty-ass blood, but I'd love to own some and I think it's definitely a good idea.  But Jesus, the stock markets have overreacted quite a bit to this news.  Probably the precious metals market, too, but not the bitcoin market. 

I don't think bitcoin is a go-to asset like gold, though they both serve the same function as a store of value.  Bitcoin is just way too volatile for that right now.  Gold isn't and historically hasn't been.

[markj113]

Gold jumped 18% in just 3 hours during the Brexit.

[amacar2]

May be most of the traders don't know much about bitcoin so that they have invested much in traditional gold. However i am sure some of the cleaver trader have already started grabbing cheap bitcoin continuously before halving huge pump. 

[dezoel]

May be most of the traders don't know much about bitcoin so that they have invested much in traditional gold. However i am sure some of the cleaver trader have already started grabbing cheap bitcoin continuously before halving huge pump. 

Yeah people are busy in buying coins to make good profits at halving, but the problem is price is not going higher as per the expectations and that is something really to worry about.

[n691309]

Many british people were not able to withdraw money as mentioned in the third posts here but I don't prefer to buy gold to escape this situation, bitcoin is much better and easier to manage them as it is digital asset instead of gold which is physically. Panic is everywhere even in bitcoin because of halving but hope this time will be good.

I would think it all depends on who had what connections during the Brexit, and those who knew people with ties to the precious metal distribution or mining industries could have potentially walked away with some gold or other precious metals before everything went down, but Bitcoin would have also been a relatively good investment, assuming that they had the money to go out and buy it at the time.

Who believed that they will quit EU, the percentage was really near to each other, but i think gold is mostly everywhere in GB but investing in bitcoin can be better because I think that because of brexit bitcoin price has been increased a bit and hope it will rise more.