If Bitcoin is the new Gold it will be worth...

[robx]

just playing with numbers little bit  Wink

Some say Bitcoin may be the Gold of the future.
If we assume that the future generation will more likely use Bitcoin as a store of value rather than hiding a bar of gold under their pillow what would that mean?

The amount of Gold that is used as a store of value is around 40,000 tonnes worldwide.
1 ton gold = 41,500,000 $
40,000 tonnes x 41,500,000 $ = 1,660,000,000,000     (1,660 Billion $)

divided by the total number of Bitcoin we come to

1 BTC = +79,000$

[Envrin]

An interesting example. Perhaps this is certainly a kind of humor, but maybe some forecasters of the bitcoins price also reasoned like you. Nevertheless, now even if this forecast comes true at least 10%, it will be very good. So why not dream?

[aso118]

Interesting that you count only the gold which is used as a store of value. If you think that Bitcoin can replace all gold, its value will come out to be higher. Of course, if Bitcoin is really successful, it will replace not just gold, but a big portion of the money supply as well.

[tiggytomb]

Even taking the store of value gold it gives bitcoin an amazing price, a price I would love to see happen in my lifetime, possible but maybe a little bit out of reach.

I do think bitcoin will be used in a similar way to gold and we will have other cryptos taking the place of everyday usage.

[robx]

...now even if this forecast comes true at least 10%, it will be very good. So why not dream?

Yeah and if you see that Gold is only one part in a portfolio its getting even better

Take the stock market for example, its about 60,000 billion $ (only stock market , no derivatives etc.)
If we assume that in the future people will have 10% of their portfolio in bitcoin instead of stock market it would add another 6,000 billion dollar.

which is per Bitcoin 285,000 $

and then the real estate market etc.

     yeah it may be a bright future for the early adopters

[darkangel11]

You forgot that the amount of gold is changing and so is the amount of bitcoin. The problem is that gold is being dug out constantly at various rates, but it doesn't evaporate. Only a very small amount of it is being lost in electronics that aren't being recycled or simply hidden by people and forgotten. In case of BTC we are constantly losing coins that are in circulation because people keep forgetting their passwords and keys or losing them due to hardware failures. This isn't going to stop because people are careless.
So at some point the price of gold will start to go down and the price of BTC will keep going up.

[Zorbak]

Yes BTC price will be bigger and BTC will be more useful as store value than gold but gold will always has value as others than store value has many uses in industry and many other fields.

[aardvark15]

just playing with numbers little bit  Wink

Some say Bitcoin may be the Gold of the future.
If we assume that the future generation will more likely use Bitcoin as a store of value rather than hiding a bar of gold under their pillow what would that mean?

The amount of Gold that is used as a store of value is around 40,000 tonnes worldwide.
1 ton gold = 41,500,000 $
40,000 tonnes x 41,500,000 $ = 1,660,000,000,000     (1,660 Billion $)

divided by the total number of Bitcoin we come to

1 BTC = +79,000$

I actually think the price of Bitcoin will continue to keep rising over time because the supply will start to drop. There are fewer Bitcoins mined every year and there are Bitcoins lost every year. At some point there will be more Bitcoins being lost than are being created. The supply will gradually drop while the supply of dollars increases because the government keeps printing money. Basically the value of the dollar keeps dropping and the value of Bitcoin keeps increasing.

[CryptoTamer]

You forgot that the amount of gold is changing and so is the amount of bitcoin. The problem is that gold is being dug out constantly at various rates, but it doesn't evaporate. Only a very small amount of it is being lost in electronics that aren't being recycled or simply hidden by people and forgotten. In case of BTC we are constantly losing coins that are in circulation because people keep forgetting their passwords and keys or losing them due to hardware failures. This isn't going to stop because people are careless.
So at some point the price of gold will start to go down and the price of BTC will keep going up.

I think so, this factor reduces the supply of Bitcoin circulating in the market because some users lost access to their wallets. I don't know how much Bitcoin can not be used because of this factor, but certainly this factor reduces the amount of supply in circulation and makes Bitcoin more special than gold

[Rinsend]

You forgot that the amount of gold is changing and so is the amount of bitcoin. The problem is that gold is being dug out constantly at various rates, but it doesn't evaporate. Only a very small amount of it is being lost in electronics that aren't being recycled or simply hidden by people and forgotten. In case of BTC we are constantly losing coins that are in circulation because people keep forgetting their passwords and keys or losing them due to hardware failures. This isn't going to stop because people are careless.
So at some point the price of gold will start to go down and the price of BTC will keep going up.

I think so, this factor reduces the supply of Bitcoin circulating in the market because some users lost access to their wallets. I don't know how much Bitcoin can not be used because of this factor, but certainly this factor reduces the amount of supply in circulation and makes Bitcoin more special than gold

a lot of differences are created between bitcoin and gold.
and they all keep cornering bitcoin as the most superior in every part.
if one might think that this superior gold still only increases the amount of gold in some contexts.
yes although many agree and not I just detect this is in comparison
30% / 70%

[soham]

just playing with numbers little bit  Wink

Some say Bitcoin may be the Gold of the future.
If we assume that the future generation will more likely use Bitcoin as a store of value rather than hiding a bar of gold under their pillow what would that mean?

The amount of Gold that is used as a store of value is around 40,000 tonnes worldwide.
1 ton gold = 41,500,000 $
40,000 tonnes x 41,500,000 $ = 1,660,000,000,000     (1,660 Billion $)

divided by the total number of Bitcoin we come to

1 BTC = +79,000$

I believe the statement "bitcoin is the new gold" doesn't have a literal meaning. So the worldwide gold reserve doesn't have to factored in to calculation here. The statement means that bitcoin is becoming a reliable investment asset just similar to gold. Since ages humans have used gold as a store of value for the future emergency events or for savings where the capital investment value will be safe. Gold price is mostly stable and doesn't fluctuate that much. So even if you don't get profit from your gold holdings, your capital amount will be safe. I believe the statement means that only.

However, I somewhat disagree with it because bitcoin's price is not at all stable and fluctuates a lot. So bitcoin is a preferable investment avenue for the young age investors who can take risk. However, not really ideal for old people who lives on their savings, because they need to safeguard their capital. Bitcoin can offer more return than any other conventional investment, but it comes with a high risk tag as well. 

[Bastime]

Gold is gold and Bitcoin is another currency that will be lost and become nothing if internet will be shutdown.
Well, most people would prefer Gold as a good investment and assets rather than crypto currency. I mean, Gold is tangible and digital currency isn't.
No matter what happens, you can rely on gold as the least option to get some valued products but digital assets are more vulnerable to remote attacks and if someone is going steal your money, nobody can help you.

[24core]

just playing with numbers little bit  Wink

Some say Bitcoin may be the Gold of the future.
If we assume that the future generation will more likely use Bitcoin as a store of value rather than hiding a bar of gold under their pillow what would that mean?

The amount of Gold that is used as a store of value is around 40,000 tonnes worldwide.
1 ton gold = 41,500,000 $
40,000 tonnes x 41,500,000 $ = 1,660,000,000,000     (1,660 Billion $)

divided by the total number of Bitcoin we come to

1 BTC = +79,000$

Nice calculations and I hope this will one day be the case.  I just don't see it happening in 1 - 2 years.  It will take a while to reach those high amounts.

[kramchers]

gold is nothing compare to bitcoin now and will be just a dust soon ! gold can be place  and wear but bitcoin is jut here and will get you more rich  ill go with bitcoin than gold !

[leex1528]

Well, gold is a currency, Bitcoin is not.  So Bitcoin can't be the new Gold yet.  Not until we determine that the bitcoin is a currency.  So at the moment, no gold is not what Bitcoin is and it can't be the next gold until we make it a currency.

[swogerino]

Well, gold is a currency, Bitcoin is not.  So Bitcoin can't be the new Gold yet.  Not until we determine that the bitcoin is a currency.  So at the moment, no gold is not what Bitcoin is and it can't be the next gold until we make it a currency.

Bitcoin is a currency. It can be used for different things online and it can be converted to any other currency like dollar eur etc in a very short amount of time. Gold is difficult to keep and has more risks to be stolen while bitcoin is up to you how will you safeguard it and it is usually easier to store. Bitcoin doesn't need to be the new gold because it is better than gold.

[tryer12]

I'm pretty sure gold's market cap is around 7B$.

[bitart]

Well, gold is a currency, Bitcoin is not.  So Bitcoin can't be the new Gold yet.  Not until we determine that the bitcoin is a currency.  So at the moment, no gold is not what Bitcoin is and it can't be the next gold until we make it a currency.

Bitcoin is a currency. It can be used for different things online and it can be converted to any other currency like dollar eur etc in a very short amount of time. Gold is difficult to keep and has more risks to be stolen while bitcoin is up to you how will you safeguard it and it is usually easier to store. Bitcoin doesn't need to be the new gold because it is better than gold.

OK gold is difficult to keep, you need a safebox or something, alarm system, etc... if you store that at home. But I don't think that bitcoin is less riskier to store or to handle. Gold is not hacked by malicious codes or malwares on your computer so do bitcoin. You need to install antivirus, anti malware, etc... If you have your bitcoin wallet on your phone, you can drop it and it will break, you drop it into water, etc... you also need a safe place to store your bitcoins (hardware wallet, paper wallet). The risk is the same, the way you can handle the risk is different. People need education about online (digital) security as well.

[swogerino]

Well, gold is a currency, Bitcoin is not.  So Bitcoin can't be the new Gold yet.  Not until we determine that the bitcoin is a currency.  So at the moment, no gold is not what Bitcoin is and it can't be the next gold until we make it a currency.

Bitcoin is a currency. It can be used for different things online and it can be converted to any other currency like dollar eur etc in a very short amount of time. Gold is difficult to keep and has more risks to be stolen while bitcoin is up to you how will you safeguard it and it is usually easier to store. Bitcoin doesn't need to be the new gold because it is better than gold.

OK gold is difficult to keep, you need a safebox or something, alarm system, etc... if you store that at home. But I don't think that bitcoin is less riskier to store or to handle. Gold is not hacked by malicious codes or malwares on your computer so do bitcoin. You need to install antivirus, anti malware, etc... If you have your bitcoin wallet on your phone, you can drop it and it will break, you drop it into water, etc... you also need a safe place to store your bitcoins (hardware wallet, paper wallet). The risk is the same, the way you can handle the risk is different. People need education about online (digital) security as well.

Or just another offline laptop where you create a watch only wallet in Electrum. Everyone can keep an old laptop at home and without everyone noticing that it might have a good amount of bitcoin. I believe that people who will invest in bitcoin will not do so blindly and will learn one thing or two before joining. I still believe it is easier to keep bitcoins compared to gold and I still believe bitcoin is better.

[adzino]

Well, gold is a currency, Bitcoin is not.  So Bitcoin can't be the new Gold yet.  Not until we determine that the bitcoin is a currency.  So at the moment, no gold is not what Bitcoin is and it can't be the next gold until we make it a currency.

Bitcoin is considered as a form of digital currency. If we define currency, we can say that currency is a form of money which can be used for buying or selling goods. We can use bitcoin to buy online and even some stores also accept bitcoin. So we can consider bitcoin a currency.