Bitcoin has defeated gold

[Sithara007]

I think bitcoin has not really defeated gold since the gold market was larger than crypto-currency market right now and the users of gold is more than the user of crypto-currency. Bitcoin just passed gold in terms of price but it didn't defeat it yet and I guess it will never be since bitcoin is seen as an investment opportunity by many, not as a currency that can be used to pay online for services.

I would even disagree with this statement, if bitcoin had passed gold in terms of price it would have exceeded its market cap and its not even 0.3% of it (physical market not including leveraged paper contracts)

Total physcial gold market cap = $7,412,468,544,642
Total bitcoin market cap =              $20,219,997,543

And thats not even counting the Comex 145:1 leverage paper shit on top.

 

Can't put it any better than this. As of now, the market cap of Bitcoin is around 0.3% of that of gold. So perhaps it is too early to give statements such as "Bitcoin has beaten gold" and "Bitcoin replaces gold".

[cpfreeplz]

Bitcoin: $1260/BTC
Gold: $1241/xau
Well, I can not believe that the Bitcoin prices has crossed over gold sooner than I expect. I thought the process would be finished in April. Wow, Bitcoin is truly worth and everyone who has sold their Bitcoin has made a huge mistake. Nothing can stop Bitcoin right now.

Kind of a stupid comparison. You can't even compare altcoins like this. Look at the market cap or nothing. That's the only true comparison.

[Zadicar]

Bitcoin do really surpass the value of gold now and we are very glad to see thing price point which means bitcoin does really have the potential to increase its price in longer runs. It is really good to save more bitcoin for the future because its really a good investment.

[wanderffa]

This is the second time in the history of bitcoin in the price of more than an ounce of gold, but the market value of bitcoin is less than the gold of the 10%, comparable, and now BTC has not the strength to compete with gold.

[ether19]

gold is getting down $1233 now and bitcoin $1272 a good move for bitcoin in early March and I hope this is a step of bitcoin to increasingly recognized by the public

Bitcoin's price may get a lot higher than the gold price for the following weeks. From which may attract the publics eye. And when it does bitcoin may probably gets a big step forward against gold.

Bitcoin prices may be higher as of now and in future as well, but I don't think it will overtake the popularity of gold investments. Most of the governments invested in these gold but none the governments invested in bitcoins yet. Bitcoins are popular only in gambling and porn industry now, and only a few % of people are using bitcoins as of now in the world. So it is not so easy to overtake gold.

Exactly! overtaking gold by bitcoin will not be easy as gold is backed by Governments who will not easily back bitcoin as bitcoin is totally out of their control. The entire bitcoin beats gold and bitcoin price is more than gold is just some quotes made up by some writer to grab attention for his/her article. That's it! Bitcoin still has a long way to go if it wants to beat Gold fair and square.

[banbangfa]

Bitcoin total only 21 million
Global gold total more than 5.8 billion ounces
for the two different units of investment products, how can such a comparison
 can really be used to compare the total market value

[onrise]

Bitcoin is not accepted world wide . Some countries have banned it and some have said to be a cautious state . Well gold is accepted worldwide without any problem. If worldwide it gets acceptance then it could be threat to hold as per my understanding .

[slapper]

Bitcoin is not accepted world wide . Some countries have banned it and some have said to be a cautious state . Well gold is accepted worldwide without any problem. If worldwide it gets acceptance then it could be threat to hold as per my understanding .

Luckily, the adoption procceed faster than we expect. It has been 8 years since Bitcoin was created and now, there are millions of people using Bitcoin at the moment. Look at the blockchain and you will see how many transactions have to be confirmed in one day. I will never be surprised if Bitcoin overtake gold both in the prices and in the marketcap before the 2050

[tuvok007]

Nice article from coindesk about the subject, and this is not even started yet    http://www.coindesk.com/price-bitcoin-now-worth-one-ounce-gold/

[kotwica666]

Bitcoin is not accepted world wide . Some countries have banned it and some have said to be a cautious state . Well gold is accepted worldwide without any problem. If worldwide it gets acceptance then it could be threat to hold as per my understanding .

Luckily, the adoption procceed faster than we expect. It has been 8 years since Bitcoin was created and now, there are millions of people using Bitcoin at the moment. Look at the blockchain and you will see how many transactions have to be confirmed in one day. I will never be surprised if Bitcoin overtake gold both in the prices and in the marketcap before the 2050

It can happen even faster then before 2030 I know it would be incredible, but adoption of BTC runs hyper fast. We don't know what gonna happen in next year.. There is thousends of projects behind the curtain! Let's wait till 11 of March for decision of CED (Winklevoss case). If it will be positive, then untill end of this year I expect that marketcap will be triple! Then for sure eyes of many big investors will move from gold on Bitcoin.

[erwin45hacked]

Luckily, the adoption procceed faster than we expect. It has been 8 years since Bitcoin was created and now, there are millions of people using Bitcoin at the moment. Look at the blockchain and you will see how many transactions have to be confirmed in one day. I will never be surprised if Bitcoin overtake gold both in the prices and in the marketcap before the 2050

Dont be ridicilous, this is nothing to do with the adoption. It is mainly few people with large amount of cash actually notice buy and shoot the price up and it should be much more when alot more people are aware of it. ETF issue is probably going to help the price up as well and soon we will know the result of it.

[tabas]

Nice article from coindesk about the subject, and this is not even started yet    http://www.coindesk.com/price-bitcoin-now-worth-one-ounce-gold/

I've read the article and it gives some hope that bitcoin is already making itself to run under gold. But still it is still a long race for bitcoin before it an achieve to defeat and replace gold within the markets. And I guess this will take a longer time and years before we'll see that bitcoin is able to defeat the undefeated and most precious investment, gold.

[Cherylstar86]

No bitcoin does not defeat gold, and it could not surpass Gold's price because every year Golds price is increasing and would not decrease, although bitcoin has good price increase, it maybe not a strong reason to think that Gold is defeated. Sometimes btc price will decrease down very big in value and worst that may happened is it will not be profitable soon.

[Xester]

Bitcoin total only 21 million
Global gold total more than 5.8 billion ounces
for the two different units of investment products, how can such a comparison
 can really be used to compare the total market value

It doesnt really matter if bitcoin has defeated gold or not. They are on different classifications and comparing them would be hard. But if we just compare them let us use this terminologies, 1 kilo of gold versus 1 bitcoin. In this description bitcoin has is far away behind the price of 1 kilo gold. 1 kilo of gold in the world market is priced at more or less 20k$ while bitcoin is at 1k + $ .

[Bananier]

Bitcoin: $1260/BTC
Gold: $1241/xau
Well, I can not believe that the Bitcoin prices has crossed over gold sooner than I expect. I thought the process would be finished in April. Wow, Bitcoin is truly worth and everyone who has sold their Bitcoin has made a huge mistake. Nothing can stop Bitcoin right now.

Just compare the total value of all gold in circulation and the total value of all bitcoins in circulation.
You will have your answer. 

Yeah, moreover I think this is just the price of one ounce. This is like if we referenced to the price of one millibitcoin.

[eternalgloom]

No bitcoin does not defeat gold, and it could not surpass Gold's price because every year Golds price is increasing and would not decrease, although bitcoin has good price increase, it maybe not a strong reason to think that Gold is defeated. Sometimes btc price will decrease down very big in value and worst that may happened is it will not be profitable soon.

You're just factually wrong with that comment. Gold has also seen some serious price decreases over the past 20 years, just look at any chart.
Now, Bitcoin certainly hasn't 'defeated' gold, but it's now showing that it could be a serious contender in the future.

[machinek20]

It is an exciting news for all of the bitcoin user and holder, the question is can bitcoin stable in that price for a long time? I am very sure bitcoin pricing will keep on rising and leaving gold behind, this has proved that more and more user join bitcoin and using bitcoin for transaction

[CyberKuro]

Bitcoin: $1260/BTC
Gold: $1241/xau
Well, I can not believe that the Bitcoin prices has crossed over gold sooner than I expect. I thought the process would be finished in April. Wow, Bitcoin is truly worth and everyone who has sold their Bitcoin has made a huge mistake. Nothing can stop Bitcoin right now.

Yes, bitcoin price has increased exceed gold per ounce. Isn't it increase too fast? I'm a little bit worrying about people start to sell following another dump. Current price is very tempting to sell bitcoin in case someone looking for profits through arbitrage which flood the blockchain as unconfirmed transaction.

[Creepings]

It is an exciting news for all of the bitcoin user and holder, the question is can bitcoin stable in that price for a long time? I am very sure bitcoin pricing will keep on rising and leaving gold behind, this has proved that more and more user join bitcoin and using bitcoin for transaction

Well this happened in the past, it even reach $1900 ( which I have been saying repeatedly in every threads like these). So the thing that it happened in the past it may happen again, the bubble may pop.

[icecube45]

No bitcoin does not defeat gold, and it could not surpass Gold's price because every year Golds price is increasing and would not decrease, although bitcoin has good price increase, it maybe not a strong reason to think that Gold is defeated. Sometimes btc price will decrease down very big in value and worst that may happened is it will not be profitable soon.

You're just factually wrong with that comment. Gold has also seen some serious price decreases over the past 20 years, just look at any chart.
Now, Bitcoin certainly hasn't 'defeated' gold, but it's now showing that it could be a serious contender in the future.

Yes, gold prices decline since 2012 last year and is still not risen to the previous price (price in 2012). While the current bitcoin prices have increased even more than gold prices. Indeed, fluctuations in bitcoin very scary because prices can fall dramatically within a few seconds, while gold is not that fast it. But this time the bitcoin has proven worth as a competitor of gold. Bitcoin prices now $ 1,290 and gold prices now $ 1,227, this would be an interesting competition.