"Looks as if #Bitcoin is eating #Gold". Good idea to buy some Gold now?

[so98nn]

I’m not sure with what reference they are correlating the Gold and Bitcoin ? Though both the markets are different and share no investors equally!! You might say people are selling Gold and buying bitcoin. That’s not true 100%. The fan base of Gold may or may not be in the crypto. Gold is traditional asset, mostly the holders are from big old wallet or fresh investors who see Gold as low value asset as compared to bitcoin.

So considering this fact they may not affect each other to this extent. Gold is centralised stuff, controlled, manipulative with Government holdings. So it’s always good if you buy it when it’s lowering the value.

[bryant.coleman]

It is true that gold is going down right now. But I don't agree when you say that gold is going down because people are increasingly flocking to Bitcoin. What happening with gold right now is a temporary slump. In the long-term I expect gold to trade at around $5,000 per oz. Gold remains the most trusted and accepted store of value. Bitcoin will take a long time to overtake gold in this regard.

[AndySt]

It is true that gold is going down right now. But I don't agree when you say that gold is going down because people are increasingly flocking to Bitcoin. What happening with gold right now is a temporary slump. In the long-term I expect gold to trade at around $5,000 per oz. Gold remains the most trusted and accepted store of value. Bitcoin will take a long time to overtake gold in this regard.

Yes, I also think that bitcoin and gold are two parallel topics not competing directly with each other. Gold is a more conservative source for investment, dealing not only with individuals, but also with large organizations and even states, and it is unlikely to have a level of volatility in size and time of change comparable to bitcoin and other cryptocurrencies. Bitcoin at this point in time is more of a speculative asset than an object for long-term investment.

[Hughes_Ryan]

Yes, gold is always available and has a good meaning in life.  Bitcoin will be the intellectual property of the future but it's good to buy some gold when it falls in price. 
Because, gold is the first jewelry mentioned in the wedding, not bitcoin. 
I will buy them for marriage in the near future ) and leave a bit of dowry for my children.

[South Park]

This makes me wonder if possible Gold devaluation is one of the reasons that the Indian Govt is getting so proactive about small retail investors making money through crypto in India?!!

You see Gold is seen as a big motivator for savings as well as spending in India. A huge percentage of the population is young and digitally active. If the concept of bitcoin as digital gold catches up, Gold may lose its dominant role and cost for the population. Cryptocurrecies and the accompanying innovations also make people way more spartan with respect to their savings and investments. Majority of Indians prefer staying in safe Govt issued instruments and put money in Govt owned banks. All of that could possibly change with Bitcoin.

Instead of letting innovation and good business drive growth in the sector, the reactionary and conservative policymakers are resorting to moves like banning all cryptos.

That is an interesting theory and one that may as well turn out to be true, India is always at the top of the net buyers of gold, if people there begin to prefer bitcoin over gold not only this will affect the market of gold in India it will also begin to affect the capability of the government to keep track of what their citizens are doing with their money, and that is something they do not want to tolerate because as we have seen over the years they have implemented cash restrictions on India as well and bitcoin could give their citizens some of the freedom they have lost over the years because of those policies.

[molsewid]

Yes, gold is always available and has a good meaning in life.  Bitcoin will be the intellectual property of the future but it's good to buy some gold when it falls in price. 
Because, gold is the first jewelry mentioned in the wedding, not bitcoin. 
I will buy them for marriage in the near future ) and leave a bit of dowry for my children.

Maybe gold is always been the first thing older people is asking for some marriage and downry but that was before but I don't think it will be the same for now maybe yes, maybe in some countries yes it is. I love bitcoin as well as gold, maybe I could buy at least small pcs or 1bar if I could afford it but I don't know the price of it now. But I will not turn all of my bitcoins into gold, bitcoin is much precious than gold now, they are in different categories with different amount now so I don't think we could also compare them now.

[bryant.coleman]

Yes, I also think that bitcoin and gold are two parallel topics not competing directly with each other. Gold is a more conservative source for investment, dealing not only with individuals, but also with large organizations and even states, and it is unlikely to have a level of volatility in size and time of change comparable to bitcoin and other cryptocurrencies. Bitcoin at this point in time is more of a speculative asset than an object for long-term investment.

Bitcoin may be regarded as a speculative asset at this point, but I disagree when you claim that it is not suitable for long-term investment. With institutions pouring more and more of their funds in to Bitcoin, in the long term the potential for returns are much higher. Many of these institutions are claiming that they have 10-year or even 15-year targets. So unlike the individual investors, they are not going to dump their coins at the first opportunity. This definitely means that the corporations are expecting good returns in the long-term.

[777Jolami]

I saw this interesting tweet today.


source: https://twitter.com/Schuldensuehner/status/1361944837742874631

As we can see, GOLD price is dropping the last 6 months (-10%), while Bitcoin is doing really well (-317%).
Some of the gold market cap might be moving to BTC.



Would it be an interesting idea to take some profits from BTC recent gains and buy some gold? Gold is the oldest asset I know of, and it will certainly hold value over the next years to come.

I am still accumulating BTC, but to accumulate some Gold is always a good idea.

Perhaps everyone will think of buying gold, and want to trace to the nearest place for immediate consultation.  But personally I would choose bitcoin.  Gold is too pragmatic and is in the idyllic category, so I chose bitcoin because of my personality like bitcoin's macro and progressiveness.  Bitcoin has also become popular in life, free to use for all types and purposes. 
I think everything is cyclical, in the long run bitcoin will be number 1. today there is a correction and I will continue to buy some bit more bitcoins and dream my beef in the future.

[shoreno]

is that 166k usd is the price of 1 gold ? that was still alot and btc has still a long way to fully overcome gold even if we say that gold dropped a thousand dollar and that price of 166k per gold is still expensive so i think ill wait for more price drops of gold before i finally buy it but in the meantime i can be able to buy more btc and im going to finish my btc accumulating first before transfering to gold so that i can foccus properly .

[darewaller]

-snip
You will also pay premium and fees when you buy and sell Bitcoin. Sometimes, you even allow yourself to have the spread get the better of you if you are in a hurry to sell a certain amount.

With bitcoins there is a volatility issue but I rather consider it as an opportunity and the best part with bitcoins is that you don't have to be worried about theft and robbery but with gold you always have to keep these things in mind.

Theft is a really huge problem with Bitcoin, probably more than with gold. There are probably more ways for thieves to steal Bitcoin than with gold. Furthermore, with gold you oftentimes don't have them in your possession except if you intend to keep physical gold.

Volatility is both good and bad. It is both an opportunity and a disaster.

Having several fruits in the basket is absolutely important but you need to also keep in mind that if something is not moving with the pace of how market is moving then you have to switch.

You may adjust your portfolio as you wish but you probably does not fully switch more often.

Depends on where you buy it of course but you usually do not pay premium fee's to buy or sell bitcoin, you do pay a huge sum when you are sending your bitcoin somewhere which should be definitely fixed but you can't easily send 10 million dollars worth of gold to another nation neither, it would be near impossible to do something like that and even if you can it would be very very difficult.

However in crypto you can send money around the world in a matter of few hours at most with just 100 bucks at most cost. Yet that is not what I was talking about, I meant "sending money from your bank to local exchange, buying bitcoin, wait for it to go up, sell bitcoin, withdraw fiat back to bank account" this is really not that expensive, gold is quite expensive to buy and sell because of premium charges but bitcoin is not in that regard, it is quite inexpensive.

[bitgolden]

Maybe gold is always been the first thing older people is asking for some marriage and downry but that was before but I don't think it will be the same for now maybe yes, maybe in some countries yes it is. I love bitcoin as well as gold, maybe I could buy at least small pcs or 1bar if I could afford it but I don't know the price of it now. But I will not turn all of my bitcoins into gold, bitcoin is much precious than gold now, they are in different categories with different amount now so I don't think we could also compare them now.

I think it is still about diversification for the future generations as well, not like people will "hate" gold nowadays, they will still think it is a good investment but they will not see it as the only thing. My dad and mom collected gold like miners and they have paid so many things with that "savings", I would literally put it on an index and it would have made at least that much money unless it was a market crash.

Long story short I personally (and many people in my generation) would love to have some stocks too, some gold, even silver, some crypto and some other things if we can, diversification is a lot more available to the new generation. Next generation will probably not have that much gold or stocks and more crypto but they will still not have zero gold, we are not going to see gold suddenly going to zero and being unimportant in the world in 50 years.

[aTriz]

I do think that it is a good time to buy some gold and store them for future. as you said gold will hold it's value in future as it's the one of oldest and most valuable asset in world. and I don't think there is any connection with Bitcoin in dropping of GOLD's value.

is that 166k usd is the price of 1 gold ? that was still alot and btc has still a long way to fully overcome gold even if we say that gold dropped a thousand dollar and that price of 166k per gold is still expensive so i think ill wait for more price drops of gold before i finally buy it but in the meantime i can be able to buy more btc and im going to finish my btc accumulating first before transfering to gold so that i can foccus properly .

I don't know what do you mean by 1 GOLD. it could be one gram, one killo or any amount of GOLD. I don't think we can count gold itself.

[South Park]

Yes, gold is always available and has a good meaning in life.  Bitcoin will be the intellectual property of the future but it's good to buy some gold when it falls in price. 
Because, gold is the first jewelry mentioned in the wedding, not bitcoin. 
I will buy them for marriage in the near future ) and leave a bit of dowry for my children.

Maybe gold is always been the first thing older people is asking for some marriage and downry but that was before but I don't think it will be the same for now maybe yes, maybe in some countries yes it is. I love bitcoin as well as gold, maybe I could buy at least small pcs or 1bar if I could afford it but I don't know the price of it now. But I will not turn all of my bitcoins into gold, bitcoin is much precious than gold now, they are in different categories with different amount now so I don't think we could also compare them now.

Gold is great and all but gold is the kind of an asset that does not move at all during a whole decade and then it explodes in price, bitcoin has been growing constantly during the last ten years and it is incredibly likely that its price will keep going up during the next decades as well, so whenever you have the choice of investing in bitcoin or gold then invest in bitcoin as it is more likely you will get profits and it will be way faster as well.

[Sithara007]

Ideally we would have expected the gold prices to go up along with the hyperinflation caused by the stimulus measures, but the prices are actually going down. Many of the analysts are saying that there is an oversupply of gold at the market right now, because of people liquidating their gold savings to survive during the pandemic period. This is especially true here in India and I have seen for myself how people are selling their gold ornaments and coins after losing their jobs.

[magneto]

I think so.

With the hype surroundings cryptocurrencies it seems as if people have forgotten that precious metals are still a very useful long term hedge against inflation as well.

Even though the narrative right now is that bitcoin and other cryptos will become long term store of values, when a correction hits BTC markets people will likely overreact and revert back to gold/silver as safe havens for a while.

So yes, if you want to hedge your Bitcoin bets, having PMs in your portfolio will be very effective and much safer in the long run compared to having fiat - which will imminently depreciate.

[laredo7mm]

Bitcoin is not eating gold. Instead it reflect the gold.The price of bitcoin over a period increased some high.Now the price of gold also increased to next level.Many people who holding gold over decade had sold gold at highest price and make use of that money to buy their home.This growth only happen in bitcoin and it's now happening with gold.

Actually, it shows what the community wants. Gold is a very precious metal that has been used for transfer value from the past. The price growth of bitcoin is higher than bitcoin because young people like to invest in bitcoin rather than gold. If you check the past 10 years' chart for both of them then you will see the difference in price growth and that is the reason the young generation wants to invest in bitcoin to be rich very quick.

[SquallLeonhart]

With the hype surroundings cryptocurrencies it seems as if people have forgotten that precious metals are still a very useful long term hedge against inflation as well.

Even though the narrative right now is that bitcoin and other cryptos will become long term store of values, when a correction hits BTC markets people will likely overreact and revert back to gold/silver as safe havens for a while.

So yes, if you want to hedge your Bitcoin bets, having PMs in your portfolio will be very effective and much safer in the long run compared to having fiat - which will imminently depreciate.

Well, the idea is that gold is still better than fiat, but crypto is better than both gold and fiat. That is the point here, that is what people are after as well, I personally do not like it when people actually end up saving fiat at the side, but I am find with precious metals. Also it doesn't make sense to own gold on your bank account, there are offers like that, and you can do it for silver as well, like those are not really smart moves, if you really want to, go out and buy real gold and that would be better, it would be a cool investment to own.

However just because I am fine with gold, doesn't change the fact that bitcoin has moved 5x in the last year, that is really the reason why people like crypto more than gold, because it doesn't make sense to buy gold when you can buy crypto and double your money every year, and that seems to be the case for now.

[TheGreatPython]

Ideally we would have expected the gold prices to go up along with the hyperinflation caused by the stimulus measures, but the prices are actually going down. Many of the analysts are saying that there is an oversupply of gold at the market right now, because of people liquidating their gold savings to survive during the pandemic period. This is especially true here in India and I have seen for myself how people are selling their gold ornaments and coins after losing their jobs.

You have a very valid point as during pandemic a lot of assets were liquidated in the market including gold, silver and other valuable metals. This might be a reason why gold has seen a downfall despite expectations being the opposite.

Also it will take some years to get back to normal conditions which means people still haven't settled like before and hence cannot buy gold right now. The main focus is surviving and after that things like gold, silver or even Bitcoins are being considered.

I was shocked why Bitcoin market is doing so good lately because people were saving money after the pandemic rather than spending but maybe Musk and other investors have impacted the Bitcoin market too much.

[geegaw]

Bitcoin is not eating gold. Instead it reflect the gold.The price of bitcoin over a period increased some high.Now the price of gold also increased to next level.Many people who holding gold over decade had sold gold at highest price and make use of that money to buy their home.This growth only happen in bitcoin and it's now happening with gold.

Actually, it shows what the community wants. Gold is a very precious metal that has been used for transfer value from the past. The price growth of bitcoin is higher than bitcoin because young people like to invest in bitcoin rather than gold. If you check the past 10 years' chart for both of them then you will see the difference in price growth and that is the reason the young generation wants to invest in bitcoin to be rich very quick.

The community you speak of is only a tiny part of the world, which means that bitcoin is standing out for the young and a small part of the world, talking about the globe, bitcoin has yet to set a certain target or position while alluding to gold, gold remains an eternal belief for many people, its value only increases and does not disappear over time. Depending on your purpose and desired needs, buying gold and bitcoin will have advantages but in general, young people like us have plenty of time to make up for the setbacks and bitcoin is the perfect place to start a journey.

[oHnK]

young people like us have plenty of time to make up for the setbacks and bitcoin is the perfect place to start a journey.

I see that trend among young people.  Because young people are an attractive market because they are who dare to take risks for big profits and are not like the old man.  Crypto like Bitcoin is the most suitable investment for young people.  Because it is volatile, so it has a high return but a very high risk.