Bitcoin has defeated gold

[babarian]

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.

I also feel that way,
Initially I also did not expect that bitcoin prices can beat the price of gold
But in the past few months I've just learned and feel that the bitcoin price is so phenomenal and unstoppable

[Ayiranorea]

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.

Yeah, Bitcoin has defeated the gold. But when you asked this thread then bitcoin was $1260 and now you could see bitcoin price has been increased more then triple, and now bitcoin is $4152. So definitely bitcoin beat the gold and now may be in the coming time, we would be compare the bitcoin price with diamond price.   

Bitcoin has grown triple the value of gold to reach the ath. Gold has been given preference as a most trusted reserve, now too that prevails among the users who doesn't wish to risk their earnings. One who focus on profiting prefer bitcoin over gold though it has got risks due to the volatile nature.

[Vishnu.Reang]

Why we are comparing one oz. of gold with one Bitcoin? These units are not the same. One oz. is not equivalent to one coin. IMO, we should be comparing one tonne of gold with one Bitcoin. So here is my comparison:

One tonne of gold: $38,600,000
One Bitcoin: $4,100

[mindrust]

Why we are comparing one oz. of gold with one Bitcoin? These units are not the same. One oz. is not equivalent to one coin. IMO, we should be comparing one tonne of gold with one Bitcoin. So here is my comparison:

One tonne of gold: $38,600,000
One Bitcoin: $4,100

We should compare market caps. Anything else is irrelevant. Market cap itself is not the most reliable data but that's the best we got.

In Oct 2016;

http://www.zerohedge.com/news/2016-10-27/needham-raises-bitcoin-price-target-848-heres-why

Now;


Conclusion; bitcoin has %0.87 of the total gold market. If an ounce of gold is $1270 while the market cap is $8,000 billion, that means the total supply is: 6,299,212,598 ounces. So;

An ounce of gold from 6,299,212,598 ounces = 1270$
A btc from 16,507,962 bitcoins = 4100$

16507692/6299212598= 0.0026206BTC

If 0.0026206BTC ever equals to 1270$, that will be the time when bitcoin will become as valuable as gold.

When that time comes 1bitcoin will be = 500k$

so, to defeat gold, 1btc should be 500k$ or more. Btc and gold supply both will rise in time but i am not crazy enough to calculate those.

[sindikat]

For the price of bitcoin won gold, but investing is like a marathon. You can overtake everyone at the start, but by the end of the race would lose power and come to finish last. So it can happen with bitcoin. It's still early to rejoice.

[blackhawkeye1912]

woaaahh its a new milestone for bitcoin having higher than any currency means higher rate of bitcoin..... and also higher opportunity for miners and savers of btc to do much more for the next decades and history too

i do not think that there is any competition between the two. because both are different from each one. bitcoin is a currency and people are using it for shopping and for running business but, gold is a precious element that people do not use as currency but try to hold it or make jeweler from it.

Agreed, bitcoin don't need to compete to Gold anyway. Because, they're both good to invest in, and they're not the same as well with different features. And different to one another, though Gold was already ancient.

[SMSabuj]

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.

Obviously, Bitcoin will defeat gold. It will cross gold prices. Already Bitcoin is going to sky. I mean Bitcoin price is going so high. Within a few days, Bitcoin will cross $5000 USD.

[bajing]

If we are talking about the price of gold per ounce, then it is clear that bitcoin has overtaken it many times over. But if we are to compare one bitcoin with one gold bar, there is still a long way to go. But it isn't impossible that one day, we see that the price of both are in the same level already, if not bitcoin having the higher price. That might come sooner than later because even if bitcoin is still in its early stages of existence, it already commands a high value because of the finite number of coins that can be mined.

I think we can't expect bitcoin prices stay at the same level with the price of one gold bar even the coins can be mined has been run out, it's same we hoping bitcoin price can reach $500,000 or more than it. for me it seems unreasonable.

[Netnox]

I think we can't expect bitcoin prices stay at the same level with the price of one gold bar even the coins can be mined has been run out, it's same we hoping bitcoin price can reach $500,000 or more than it. for me it seems unreasonable.

A bitcoin price of $500,000 per coin (as predicted by John McAfee) seems unreasonable right now, but we can't rule out such a scenario completely. Such a price level will roughly place Bitcoin market cap at the same level with that of gold.

[Saidmod]

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.

Obviously, Bitcoin will defeat gold. It will cross gold prices. Already Bitcoin is going to sky. I mean Bitcoin price is going so high. Within a few days, Bitcoin will cross $5000 USD.

For this matter is different bitcoins is different from gold so we can't definitely compare its other to its price. we can only speculate the progress and the real value of both through its existence in online or in physical minerals on earth .

[Lieldoryn]

I think we can't expect bitcoin prices stay at the same level with the price of one gold bar even the coins can be mined has been run out, it's same we hoping bitcoin price can reach $500,000 or more than it. for me it seems unreasonable.

A bitcoin price of $500,000 per coin (as predicted by John McAfee) seems unreasonable right now, but we can't rule out such a scenario completely. Such a price level will roughly place Bitcoin market cap at the same level with that of gold.

Now, it seems fantastic. It seems to me that in the capitalization of the bitcoin is now a very large part of speculative capital. This leads to instability of prices and the risk that such capital can be removed and sharply bring down the price. Bitcoin need a large number of small users.

[ydrogios]

Behind the current good health of Bitcoin, there is a monetary battle raging in China. If Beijing manages to control transactions better, Bitcoin may not continue for a long time to shadow the venerable gold standard.

Officially the world was taken off the gold standard on 15th of August 1971, when the USA stopped exchanging dollars for gold without premium even for governments, while for individuals the Treasury stopped exchanging dollars for gold without premium on January 30 1934, so there is nothing to shadow long time now.

[geyayy]

I dont think that bitcoin would be able to defeat gold, as for gold is way more precious that bitcoin. Maybe bitcoin is much more expensive now than gold, but gold will never be gone. Let's just not compare these two.

[ydrogios]

When talking about losses and wins one should take into consideration such virable as "time" - in 20 years from now crypto currencies may be long gone, and gold will buy like 10 times more than today.

[iram1011]

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.

Obviously, Bitcoin will defeat gold. It will cross gold prices. Already Bitcoin is going to sky. I mean Bitcoin price is going so high. Within a few days, Bitcoin will cross $5000 USD.

It is never about price. Bitcoin being limited to 21 million will obviously reach a huge figure while gold's price is driven by various other factors like dollar and oil relation along with demand. Actually they aren't comparable. Most of the people tend to have diversified investment plan including both gold and Bitcoin.

When talking about losses and wins one should take into consideration such virable as "time" - in 20 years from now crypto currencies may be long gone, and gold will buy like 10 times more than today.

I agree Bitcoin's future is still uncertain. There are chances that Bitcoin or other cryptocurrencies will be taken over by some other monetary system while gold still be there. But right now Bitcoin is the hot investment in the market and we should enjoy that.

[deisik]

Why we are comparing one oz. of gold with one Bitcoin? These units are not the same. One oz. is not equivalent to one coin. IMO, we should be comparing one tonne of gold with one Bitcoin. So here is my comparison:

One tonne of gold: $38,600,000
One Bitcoin: $4,100

We should compare market caps. Anything else is irrelevant. Market cap itself is not the most reliable data but that's the best we got

Your whole arithmetic is meaningless

And I'm not just saying that you can't compare the market caps of Bitcoin and gold at all since over 50% of all gold is distributed among the world population (which is obviously not the case with Bitcoin). Even this is ultimately inconsequential simply because Bitcoin has nothing to do with gold (even in investing gold is at the opposite end of the investment stick). Really, why should we use gold specifically? Why not take crude oil, for example, or something else? As Charlie Munger once said, people calculate too much and think too little

[albertvert]

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.

Obviously, Bitcoin will defeat gold. It will cross gold prices. Already Bitcoin is going to sky. I mean Bitcoin price is going so high. Within a few days, Bitcoin will cross $5000 USD.

It is never about price. Bitcoin being limited to 21 million will obviously reach a huge figure while gold's price is driven by various other factors like dollar and oil relation along with demand. Actually they aren't comparable. Most of the people tend to have diversified investment plan including both gold and Bitcoin.

When talking about losses and wins one should take into consideration such virable as "time" - in 20 years from now crypto currencies may be long gone, and gold will buy like 10 times more than today.

I agree Bitcoin's future is still uncertain. There are chances that Bitcoin or other cryptocurrencies will be taken over by some other monetary system while gold still be there. But right now Bitcoin is the hot investment in the market and we should enjoy that.

Ya like wise the gold is replaced by anything. Even why not a Bitcoin. As of Many know ,now many start to inverse on is high as compared to hold.Since many know, bitcoin gives you the nth value of money you inversed in bitcoin.  I'm sure in gold it's not at all possible. In soon ,bitcoin will replace the gold.

[pitiflin]

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.

It has crossed the price of gold not the value, by value  I mean that with the amount of gold out there and the amount of bitcoin out there ,gold clearly is the winner . Not only that gold is there for thousands of years and bitcoin is there for merely 8 years (it's an amazing record set by beating gold 's price  indeed BTW) ,so people won't abandon their ancestral traditions easily.

[BeastLee]

If bitcoin is worth more than one ounce of gold, I dont really care that much. It's just a unit of weight. But to the mass population, the ounce of gold price has been hammered into modern society, so I guess for those people, it's a big landmark.

[supine]

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.

I totally agree with these, but the only thing that makes gold better than BTC is that gold's price is not volatile, it's a sure investment. On the other hand, bitcoin's volatility makes it good for short-term investments and even for long term investments. A lot of people are investing more in bitcoin than gold.