CNBC hosts are worried about BTC being x3 oz of gold

[Slark]

Well in fact I think it makes some sense. Because Bitcoin is the digital gold and I don´t just say this common annoying phrase, here are the simmilarities:

Things in which BTC and gold are equal:
 - Limited supply
 - The whole supply isn´t yet mined (and the word mined is no coincidence, "a better gold" is the basic concept of BTC)
 - It´s value is based on owning something and not on depth
 - It´s not controlled by someone (If the USA says they will not accept the value of Gold, fine this will influence the price of Gold but it won´t make gold worthless, same with BTC)

The only important difference: Gold can´t be traded via the internet, but it withstands a Millenium Bug

Some of my comments:
- Bitcoin might be limited supply but there is deep dark fear that in the future developers might change this hard limit to battle deflation.
- Gold can be used in real life, as a metal with certain properties is used in medicine, electronics, jewellery, aerospace etc.
- Gold is kinda controlled and limited by legal standards, you can't travel with 1 kilogram of gold in your pocket.

[CuriousGeorge]

https://www.cnbc.com/video/2017/08/07/bitcoin-hits-all-time-high.html?play=1

This is a must see. It's fun to see these clueless guys at "this bitcoin thing" going so high. They said they are worried because now BTC is worth 3 times an oz of gold. If only they knew this is only the beginning.

I think it will take for BTC to reach $10,000 for them to accept the new Bitcoin reality, it's then when all of these rich boomers will be getting into BTC and the price will go parabolic.

A lot of the people that haven't invested in bitcoin feeling worried about the future of bitcoin and they will have to regret it. $10.000 will be so easy with the current track of bitcoin.
But the bank will be worry rather than the cnbc host.

[Przemax]

I sometimes have the feeling that if it comes to media and education, the dumber the person is the higher he sits.

Comparing the price of bitcoin and gold has only one logical explanation. To advertise bitcoin. Next, they say they are worried? You just adverstised bitcoin now. You will not undone it by saying you are worried. Thats like thinking one thing and doing another. That is just absolutly stunningly stupid.

[Iranus]

- Bitcoin might be limited supply but there is deep dark fear that in the future developers might change this hard limit to battle deflation.

It's shocking that you're a Legendary member and yet don't understand that this is impossible.  Developers are not capable of increasing the maximum supply.

If they did so they would break the consensus rules and there would be a chain split (imagine Bitcoin Cash for example).  Because there is no reason for users to want a coin with a much higher supply, the market cap would fall and people would use the old chain.  Even if the majority of users moved to the new chain, you would have the option to use the original BTC with a 21 million max supply.

- Gold can be used in real life, as a metal with certain properties is used in medicine, electronics, jewellery, aerospace etc.

Not as a currency though, at least not in the modern day, hence why banks used to hold gold reserves and issue shitloads of money (which eventually became non-existent debt money, showing that gold is only a good store of value when held by individuals, much like BTC).

[CrewKitten]

Why would they be worried? I don't understand they are not even banks but maybe they do not support the new system.

[JL421]

CNBC hosts worried this isn't right they should actually be happy and tell it's users that few months ago we all were happy that bitcoin has finally crossed the price of gold and today it bas become 3 times it's price this is another proof that no matter what bitcoin is always better than gold and it has proved this

[iram1011]

There is no fun in comparing the price of Bitcoin and gold. They both have their own price driving factor and belong to completely different areas. With limited supply Bitcoin will reach to 6 figure soon leaving gold far away.

CNBC have given limelight to Bitcoin with showing their concern to Bitcoin growth. This will rather help in making many people know how another commodity(Bitcoin) is growing with such a fast rate and beating gold as an investment asset, than scaring people of Bitcoin. Any good or bad publicity is just a boost to Bitcoin popularity.

[GreenBits]

CNBC hosts worried this isn't right they should actually be happy and tell it's users that few months ago we all were happy that bitcoin has finally crossed the price of gold and today it bas become 3 times it's price this is another proof that no matter what bitcoin is always better than gold and it has proved this

All of us arent so happy 

This price is unsustainable. While I agree this is sensationalism, the underlying idea isnt. Why is bitcoin, something with no real world value and no basis of evaluation, three times the price of gold? Gold is one of the oldest, trusted and widely used stores of value. Has real world applications in multiple industries. Bitcoin is so many ones and zeros, literally. The bitcoin price is what it is because of uninformed consensus and banana sauce speculation; I think what they are trying to communicate (besides making bitcoin talking points) is that the growth of bitcoin is unsustainable, which I completely agree with.


Curb that enthusiasm, bitcoin fanbois. Remember the GOX. Until the capitalization increases, and we get much, much smarter as a whole concerning speculation, there is always the chance for this to go very, very south.

Always assume it can go back to sub 100 

[Karpeles]

They should be more worried about how stupid they are. Bitcoin price and the price of gold can't be compared because they don't refer to the same thing or even things that are loosely related.

If they worry that BTC is about to kill gold, it is still far away because BTC market cap still is nothing compared to gold. For now.

[BitFinnese]

I think they are worried that they are already late in Bitcoin trend, since they are too attached to gold trend, they fear that one day their holding is useless compared to Bitcoin.  Same goes with bitcoin guys.  I think it can't be avoided, comparing two different stuff when one is emerging and the other one being dominant become idle in terms of price boom.

[panju1]

https://www.cnbc.com/video/2017/08/07/bitcoin-hits-all-time-high.html?play=1

This is a must see. It's fun to see these clueless guys at "this bitcoin thing" going so high. They said they are worried because now BTC is worth 3 times an oz of gold. If only they knew this is only the beginning.

I think it will take for BTC to reach $10,000 for them to accept the new Bitcoin reality, it's then when all of these rich boomers will be getting into BTC and the price will go parabolic.

People are so used to the measures which are used on a daily basis. There is no logic to comparing the weight of gold in oz to bitcoin's price. Why not use the weight of gold in kg? That would paint a different picture.

[freeyourmind]

https://www.cnbc.com/video/2017/08/07/bitcoin-hits-all-time-high.html?play=1

This is a must see. It's fun to see these clueless guys at "this bitcoin thing" going so high. They said they are worried because now BTC is worth 3 times an oz of gold. If only they knew this is only the beginning.

I think it will take for BTC to reach $10,000 for them to accept the new Bitcoin reality, it's then when all of these rich boomers will be getting into BTC and the price will go parabolic.

People are so used to the measures which are used on a daily basis. There is no logic to comparing the weight of gold in oz to bitcoin's price. Why not use the weight of gold in kg? That would paint a different picture.

It is a pretty arbitrary comparison and a foolish one, similar to people often comparing stock prices to each other without taking into account the number of outstanding shares.

[Kakmakr]

CNBC will help us to take this thing mainstream and also to reel in the Goldbugs to invest in Bitcoin as apposed to Gold or to compliment it. There is about $7 trillion worth of gold in the world, compared to $56 billion of Bitcoin. Bitcoin as a digital investment in Gold, should be a natural evolution for Goldbugs.

The similarities between Gold and Bitcoin, makes the transition so much easier and Bitcoin offers Goldbugs the option to break free from centralized control. < In some countries gold ownership was banned and gold confiscated by the government >

Executive Order 6102 in the United States - 1933 < "forbidding the Hoarding of gold coin, gold bullion, and gold certificates within the continental United States". > Will this happen to Gold again?

Bitcoin is Pseudo-anonymous - This makes Bitcoin confiscation a bit more difficult. < Even if they tried, it could be transferred and hidden globally without much effort >

[Idrisu]

This is the first time they are realize this reality.  CNBC  were busy forecasting evil day for bitcoin investors before and now they are worried because bitcoin is now more than three times oz of gold. Like op has rightly said before governments agency see the reality of what will happen bitcoin will be above $10000 and by then bitcoin will go mainstream and the like Trump, Rockefellers, Slim and big stock and estate investors will invest in bitcoin and the price will pump to the direction of the moon and by then we may take profit at $100,000.

[alani123]

CNBC has been featuring many pro-bitcoin people lately. My take is that someone high in their corporate ladder might be involved with bitcoin and perhaps actually hold a personal stake at it.

[1Referee]

CNBC has been featuring many pro-bitcoin people lately. My take is that someone high in their corporate ladder might be involved with bitcoin and perhaps actually hold a personal stake at it.

It's not only CNBC that has been bullish on Bitcoin, or to put it, less negative. Main stream media sources, wall street banks, etc, they all seem to have changed the way they look at Bitcoin. It's funny that it took them this long to come to that point, but better late than never I guess. Most people here throughout the years have noticed that if Bitcoin would have made it into the news, it mostly had to do with theft, money laundering, drugs, weapons, etc. I even had the impression that they on purposely didn't cover Bitcoin related news that was positive minded. They had one task, and that was making Bitcoin look as bad as possible in the eyes of the average joes. Other than that, this Bitcoin is worth x times more than an ounce of Gold is just rubbish. It has ZERO value considering that Bitcoin's market cap isn't even enough to account for 0.9% of Gold's market cap.

[Sled]

It is very easy to tell that bitcoin can be more than that in the future, the price of bitcoin right now is keep on rising and we can see up to 10x of the price of gold in the future, if the countries will fully adopt bitcoin then we can easily tell that bitcoin can be just one of the most expensive item in the world of internet.

[Schuyler]

Well at least they are noticing that bitcoin is slowly gaining ground on gold. They can't make sense of how the price went up that high because they are clueless on what drives it that way. Good for the early adopters they don't have to put with these people who seem "worried" about how technology can really make a big impact in the financial world.

[aardvark15]

I wouldn't give those shits the benefit of a click on their video...but I believe you.  
Financial journalism is rife with ignorance about everything,  including btc.
Doesn't surprise me.  They're making the same stupid mistake a lot of people
here make, comparing btc to gold.  Why those two assets out of hundreds of others?
It's completely arbitrary.   Why not compare btc to google stock while they're at it?

Well in fact I think it makes some sense. Because Bitcoin is the digital gold and I don´t just say this common annoying phrase, here are the simmilarities:

Things in which BTC and gold are equal:
 - Limited supply
 - The whole supply isn´t yet mined (and the word mined is no coincidence, "a better gold" is the basic concept of BTC)
 - It´s value is based on owning something and not on depth
 - It´s not controlled by someone (If the USA says they will not accept the value of Gold, fine this will influence the price of Gold but it won´t make gold worthless, same with BTC)

The only important difference: Gold can´t be traded via the internet, but it withstands a Millenium Bug

It's actually probably a good thing that they are talking about Bitcoin even if they don't understand it. By mentioning this, they have told the audience that Bitcoin is 3 times as valuable as gold.

There are people in the audience that will go research Bitcoin because of that and it will spark interest. Eventually people will begin to understand that this is a new technology that could go mainstream in a few years and could be worth much more than it is today.

[carlisle1]

Well at least they are noticing that bitcoin is slowly gaining ground on gold. They can't make sense of how the price went up that high because they are clueless on what drives it that way. Good for the early adopters they don't have to put with these people who seem "worried" about how technology can really make a big impact in the financial world.

I think they are giving good insight because they really seeing good investment returned out from this investment maybe some employee or bosses inside
this company already got a good knowledge about bitcoin and they wanted to share the blessings of bitcoin to more people around the world nothing can
stop bitcoin to gain more popularity for sure.