What if the digital gold narrative is incomplete or misleading?

[lixer]

Gold and Bitcoin are completely different; Bitcoin is just cryptocurrency and nothing more. Although I have come to understand that the reason some people are saying that Bitcoin is digital gold is because they believe that they correlate with each other; that as well is no near to being the truth.

Bitcoin doesn’t correlate with gold price, they only seem to move the same direction when there are events that takes place that affects majority of the different markets. But on a normal they are completely different and doesn’t move the same direction. Bitcoin is not backed by gold so it has nothing to do with it. Also some people who say that are doing so to show how much they value the cryptocurrency.

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[20kevin20]

Both have their differences, yet comparing Bitcoin to something else is the easy way to make someone get at least a little idea about how BTC works.

Doesn't Bitcoin have digital gold attempts as preceded projects? It turned out to be a different creature though. Bitcoin can be anything we want, as long as the majority of votes go that way. I don't think BTC could be compared to gold as much after we'll get more privacy features. I guess the more blockchain tech advances, the less similar they become..

[Amel]

I've been thinking about the "Bitcoin is digital gold" narrative and have started wondering if thinking about Bitcoin in the context of gold is like thinking about Uber in the context of taxis.

https://andyjagoe.com/why-the-market-for-bitcoin-may-be-bigger-than-you-think/

Wondering what others think?

There is no end to people's interest in something new and if there is bitcoin then there is no question. Your point of view is a big issue here. The more you know about bitcoin, the better you will understand its current state. However, it is difficult to say how many people will consider Bitcoin as digital gold. The answer is that those who know about bitcoin will understand the value of bitcoin. They must be referred to as bitcoin is digital gold.

[jrrsparkles]

Its common that people compare expensive things and assets with gold because it has been the stable amd expensive asset of all the time.But there is no real reason for bitcoin to be called as gold since there is no relative to both assets in any perspective.

[AakZaki]

It's because things aren't binary, especially when talking about something as new and as unique as bitcoin.

Bitcoin is being put in the same category as gold because they're similar in a way that both can't be mass printed by will, as how the central banks can do with fiat money. But it definitely doesn't necessarily mean that bitcoin is 100% similar to gold because they're obviously not the same.

Bitcoin and gold are clearly not the same or different, because gold is a safe haven asset while Bitcoin is not a safe haven asset. because the price is fluctuating.
The specific characters of the two are also very different.

Bitcoin has a unique and technological sophistication that is equivalent to gold so that some people call it digital gold which is equal in value to real gold.

Bitcoin as an investment that has good potential in digital form, Bitcoin also has a good future.