Bitcoin will replace oil and Gold

[nicecrypto]

Bitcoin may become eligible for support around the world but bitcoin will not replace oil and gold by introducing bitcoin the government will be able to make a profit and grow the oil and gold sector. Bitcoin is not compared to any other sector bitcoin is a digital currency and its value changes with bitcoin the use of bitcoin will continue to grow and can help improve the country.

I agree that for governments and institutions Gold might be more important than bitcoins. But for the ordinary investors gold is not so attractive anymore. Personally I haven't bought commodities anymore in the last 5 years. It is just much more attractive to go into cryptos than buying commodities.

Yes in terms of Investments but not a placement as I believe some people talk about. Most young generation investors will most likely invest in cryptocurrencies like Bitcoin instead of Gold and Oil but we know this entities have their different function as in, fuel for all fuel purposes which bitcoin cannot replace and the physical Gold usage outside the monetary value it holds which cannot also be replace by Bitcoin.
So, if the poster was referring to replacement in terms of Investments then may be but not in terms of physical usage.
   

[saratim]

I don't think that it will replace any oil or gold.
Bitcoin is hype and a cryptocurrency that a lot of governments had banned.
Oil and Gold are far and will always be the money-making and government running tools and no one can deny that.

[In the silence]

I believe that national currencies should also be added to this question, since Bitcoin has already begun to compete with oil, gold, as well as national currencies, namely, when the prices of these assets fell sharply during the economic crisis, many investors made a choice in favor of bitcoin. It is in this vein that a certain competition between these assets can be viewed.

There might have comparison/competition between oil/gold with bitcoin but they are separate thing and they will never replace one/another. They may go in  parallel with each other.

There might be competiton with gold/oil with bitcoin but replacing oil and gold for bitcoin is a different thing since there's some other use for oil/gold rather than it's fiat value.

[Traderbtcc]

Governments all around the World Secretly start using together with banks the bitcoins.
Oil is done so They replace bitcoin instead of oil.

The btc volatility might go like daily 50k-100k price Changes.

Bitcoin will be instutionalized permanently.
The Global market prices Liqutation postion will be fluctuated by Bitcoin price.


I said this before but nobody didnt listen but now its here!!

I don't think the government and banks will ever embrace this decentralized digital money, we just have to get past that already, also I don't see how bitcoin can replace oil in terms of usage, bitcoin can't make an aeroplane go off the ground, nor can it make a car move or help turn on my generator etc, the price of bitcoin can go as high as $100k, but that doesn't mean these commodities should be over looked, I think maybe you are trying to say bitcoin will replace gold and oil in terms of marketcap, which is something that hasn't been actualized yet.

[oHnK]

I totally agree with you. I really don't think some people get it, just because we all like Bitcoin and we all are looking for financial freedom don't mean some Hundreds of years well established resources have to die off just to make a point. I don't understand why people will be saying Bitcion will replace Banks, Money Gold and the likes, these are resources that have actual human use, we are not going to mint bitcoin as a replacement for our gold rings, earrings and the likes or generate the power for your homes or fuel for everything that uses fuel. This shouldn't be about replacement but coexistence.

Satoshi wanted to provide an alternative to ordinary people, who were being exploited by the banking sector. I don't think that he ever wanted a complete eradication of the mainstream economy. It is laughable to say that Bitcoin will replace oil and gold. You can say that electricity can replace oil, but how Bitcoin is going to replace it? And gold is being used as a store of value for many thousands of years. Even if Bitcoin becomes hugely successful, why the gold owners should dump their assets? 

The OP just wants to make a joke that BTC will replace oil and gold.  Because of its very different nature.  And BTC was created not to replace anything but to provide a solution to human desires that the Central Bank does not want to regulate anymore.  Gold remains a valuable commodity forever and has been proven as well as oil which becomes fuel even though it is starting to be replaced by electricity and so on, but I don't think that BTC will replace all of that.  Too ridiculous.

[nicecrypto]

I believe that national currencies should also be added to this question, since Bitcoin has already begun to compete with oil, gold, as well as national currencies, namely, when the prices of these assets fell sharply during the economic crisis, many investors made a choice in favor of bitcoin. It is in this vein that a certain competition between these assets can be viewed.

There might have comparison/competition between oil/gold with bitcoin but they are separate thing and they will never replace one/another. They may go in  parallel with each other.

There might be competiton with gold/oil with bitcoin but replacing oil and gold for bitcoin is a different thing since there's some other use for oil/gold rather than it's fiat value.

True that. I think this talk will go on for some time with some crypto enthusiast but we all now that these things that their own different uses other than their monetary worth and some you just mentioned and there are many more and come to think about it, the government are the most we should worry about if I can put it that way, they will never allow for the full adoption and replacement of Fiat or any of this commodities mentioned because of control factor.

[Anonylz]

Governments all around the World Secretly start using together with banks the bitcoins.
Oil is done so They replace bitcoin instead of oil.

The btc volatility might go like daily 50k-100k price Changes.

Bitcoin will be instutionalized permanently.
The Global market prices Liqutation postion will be fluctuated by Bitcoin price.


I said this before but nobody didnt listen but now its here!!

The problem is you don't fully know the meaning of replace and you use the word wrongly in your post,
I doubt you understand what you mean when you say btc will replace oil and Gold,  perhaps you mean the price of btc will be more higher than that of oil and gold, that is unarguably fact, btc is very pricy now because people place higher price on it, the price is speculative rather than actual value,

If fiat value is taken away from btc and it is not peg to any fiat, nothing to speculate about and nothing to manipulate,  no price pump and so on,  your story will definitely change,  all this talk about btc replacing gold, silver and oil is because there is a fiat value attached to btc which every upcoming analyst  can measure against other items. But reality is different.

[Matimtim]

For me gold was already supplanted by bitcoin or crypto currency interms of price and being strong, because the value of bitcoin greater than the value of gold now, maybe because crypto currency is more convenient to use and buy because of the situation tht we're encountered.

[sapnu]

The three might have different values and one may dominate the other at this time but we cannot disregard the fact that all of them plays a vital role in each country. Bitcoin might be making too much noise right now as its price continues to rise up but still, the gold and oil are still considered essential. There might be a chance that lots of countries are falling short in either of the two and some might be storing plenty of bitcoins for future purposes but still, I don't think one is replacing the other. Maybe time would come when one of this three would be on top but the other two would probably still exist.

[(o)(o)ilikeboobs(o)(o)]

Gold and oil play an important role in both economics and applied science. They are both an asset and a raw material for industries. Bitcoin just stops at a store of value and payments, and economic superiority is not comparable to oil and gold. The above lame comparison is completely unacceptable.

[CarnagexD]

If the current trend of technology carries on, there's not gonna be any need for oil anymore, electric vehicles are spearheading this trend and so far, we're up to a good start. With more and more car companies forced to keep up with the contemporary needs of the people, it's not going to take a long time before we head to a greener planet, hence ensuring our survival as a species as well.

[AndySt]

The three might have different values and one may dominate the other at this time but we cannot disregard the fact that all of them plays a vital role in each country. Bitcoin might be making too much noise right now as its price continues to rise up but still, the gold and oil are still considered essential. There might be a chance that lots of countries are falling short in either of the two and some might be storing plenty of bitcoins for future purposes but still, I don't think one is replacing the other. Maybe time would come when one of this three would be on top but the other two would probably still exist.

These two of the three in the form of gold and oil will exist in physical form in any case, because it seems that no one has come up with a way and so far does not even have plans to come up with a way to destroy gold and oil on planet Earth Gold and oil have a bunch of ways to apply and no cryptocurrency will be able to cancel their application and therefore trade them. Also, any sane large state tries to have reserves consisting of different assets and no one will risk replacing all this with bitcoins.

[BuNga_cute]

If the current trend of technology carries on, there's not gonna be any need for oil anymore, electric vehicles are spearheading this trend and so far, we're up to a good start. With more and more car companies forced to keep up with the contemporary needs of the people, it's not going to take a long time before we head to a greener planet, hence ensuring our survival as a species as well.

Humans are intelligent creatures, therefore knowing that the use of oil is increasing, while the amount of oil is very limited and may run out.
And it has also been proven that the use of oil does cause environmental pollution problems, because of this we need a solution so that
the planet is safe. One way is to reduce the use of oil, now it has started mass production of electric vehicles. Even several large car companies,
began campaigning for their buyers to buy a hybrid car which is indeed available with two fuels. This is to socialize humans to start switching
to using electricity instead of oil.

[Zemomtum]

I don't think one can replace another and they can co-exist. In the time of market capitalization, BTC cannot be compared to Gold and the adoption is just setting in. Maybe in the next decade, when we have universal adoption, this kind of topic will be more interesting to discuss.

[tbterryboy]

Governments all around the World Secretly start using together with banks the bitcoins.
Oil is done so They replace bitcoin instead of oil.

The btc volatility might go like daily 50k-100k price Changes.

Bitcoin will be instutionalized permanently.
The Global market prices Liqutation postion will be fluctuated by Bitcoin price.


I said this before but nobody didnt listen but now its here!!

Gold and Oil didn't replaced anything, and they will not be replaced, they are their own thing. Back in the day gold was very valuable not because of financial reasons but because people lacked it so much and it was used for things, eventually it turned into asset of course and now there are people who use it like just investment.

Same goes for oil, back in the day it was something that was used in many many many different places and these days it is still used like crazy, gold is not used "that" much anymore, even payments were made in gold back in the day but now there is limited places that uses gold, whereas oil is still used like hell but we still have people who own "oil" in assets, they do not actually own it, they just own it virtually and just sell it when it goes higher. Same could be said for bitcoin, people will either use it, or maybe just let it be an asset, doesn't need to replace anything, it could be its own thing.

[Sithara007]

I don't think one can replace another and they can co-exist. In the time of market capitalization, BTC cannot be compared to Gold and the adoption is just setting in. Maybe in the next decade, when we have universal adoption, this kind of topic will be more interesting to discuss.

I agree, but from what I have seen gold is losing its relevance in the investment circles. Immediately aftermath the pandemic started spreading (April/May 2020), there was a sharp spike in the gold prices. But now the prices have fallen well below the pre-pandemic levels. On the other hand, Bitcoin has increased by more than 500% since the first lockdowns due to COVID 19 were imposed.

[Sophiya]

It's impossible, these two products are from different areas of life. replacing gold and oil is simply unprofitable even for companies involved in their extraction and production. If anyone could replace oil, it would be Nikola Tesla lool

[conected]

For me gold was already supplanted by bitcoin or crypto currency interms of price and being strong, because the value of bitcoin greater than the value of gold now, maybe because crypto currency is more convenient to use and buy because of the situation tht we're encountered.

- Because economics was lost heavily during the pandemic, large profitable investments like bitcoin have been drastically increased due to overall demand but even with such a strong user contribution, the substitution of investment objects such as gold and oil has not occurred, do you see people using bitcoin as fuel for cars or have you seen bitcoin be treated as jewelry and sold publicly in stores. Absolutely not seeing such stories happen, Bitcoin leads the way only due to good conditions and trends, in the long run, the stability is probably not equal.

[Spaffin]

The price of oil depends on several factors, which consist of how quickly oil reserves are depleting, as well as the speed of humanity's transition to alternative energy sources. Based on this, it is these factors that will influence the oil price policy. As for gold, the demand for lettuce is always high, with the development of high technologies, but nevertheless, unlike oil, gold is already a fairly effective means of saving. But Bitcoin is an asset that can become not only a means of payment, but also a safe storage, while giving users complete financial Independence and Security. To summarize Bitcoin, oil and gold, it is the same investment asset that can be traded.

[LUCKMCFLY]

The price of oil depends on several factors, which consist of how quickly oil reserves are depleting, as well as the speed of humanity's transition to alternative energy sources. Based on this, it is these factors that will influence the oil price policy. As for gold, the demand for lettuce is always high, with the development of high technologies, but nevertheless, unlike oil, gold is already a fairly effective means of saving. But Bitcoin is an asset that can become not only a means of payment, but also a safe storage, while giving users complete financial Independence and Security. To summarize Bitcoin, oil and gold, it is the same investment asset that can be traded.

You are right, when you have the alternative energy to oil and its derivatives, bitcoin will gain ground widely, and with respect to gold itself, Powell is clear that it can replace bitcoin with gold, even knowing that bitcoin does not have a backing with gold or stones. precious it is very likely that he will, once he said it had a negative impact on the Bitcoin market, it is not known if the market at that time was down due to those statements.

On the other hand, bitcoin is future, oil some time ago fell a lot and had great losses for its investment, I do not see it very well to compare it with Bitcoin.