Bitcoin will replace oil and Gold

[jaysabi]

Bitcoin obviously can't replace oil because in no way can bitcoin fulfill the uses of oil as a fuel or in industrial applications.  As for replacing gold, if you mean as a store of value this is also extremely unlikely.  A store of value with thousands of years of history as such is not going to go away because there's a no medium to store value.  Bitcoin could become a widely accepted a mainstream store of value, but in no sense will it replace it.

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[hodlvalley]

Bitcoin obviously can't replace oil because in no way can bitcoin fulfill the uses of oil as a fuel or in industrial applications.  As for replacing gold, if you mean as a store of value this is also extremely unlikely.  A store of value with thousands of years of history as such is not going to go away because there's a no medium to store value.  Bitcoin could become a widely accepted a mainstream store of value, but in no sense will it replace it.

I agree on your first point. Bitcoin's utility is far different from oil. Over the next few decades oil's market cap will face a number of changes due to market dynamics driven by innovation, consumer preferences, government intervention etc. In terms of gold, I think it's very possible that Bitcoin and several other blue chip crypto assets will incrementally take some market cap away from gold. As a technology there are a number of benefits blockchain technology holds over precious metals as a store of value, and these benefits will likely only become more pronounced in coming years, especially with more institutional money adopting and championing digital assets.

[ILuckyGuyI]

How can Bitcoin replace oil? Isn't this technically impossible as they are two unrelated things? When it comes to gold, we will never know. Bitcoin still has a very big potential in itself. The price has a very bright future as long as people continue to demand it a lot and its adoption continues to reach bigger levels. Gold has been existing for too many years. Bitcoin is a cryptocurrency that has been existing for around 12 years. We don't even know whether Bitcoin will continue to exist forever. But maybe, it will really leave gold behind.

[Vishnu.Reang]

Bitcoin obviously can't replace oil because in no way can bitcoin fulfill the uses of oil as a fuel or in industrial applications.  As for replacing gold, if you mean as a store of value this is also extremely unlikely.  A store of value with thousands of years of history as such is not going to go away because there's a no medium to store value.  Bitcoin could become a widely accepted a mainstream store of value, but in no sense will it replace it.

The OP probably meant that Bitcoin may replace oil as an option in commodity trading. But I agree. It is unlikely. First of all Bitcoin is not a commodity. And secondly, it's price movement is not similar to oil or natural gas. But I disagree with you on usage as store of value. There is no doubt that currently Bitcoin is a highly volatile asset. This may change in the future. The reason for the high volatility of Bitcoin is due to large fraction of the circulating supply being kept as free-float. As Bitcoin prices increase, more and more people would move their coins to cold storage and this would reduce the volatility.

[MNbag]

No way.

As long as exchanges and whales fuck with the price as much as possible with their bots, it would be impossible for Bitcoin to replace Beanie Babies, let alone oil.

[Kodok Bencot]

I think this kind of thinking is excessive, what are the advantages if we have bitcoin but no oil and gold? will everyone put their money in bitcoin investment and leave oil and gold? although very profitable but I'm sure people will not want to leave gold because it became an investment thousands of years ago and a sign of prosperity.

[suryana]

nothing can replace gold here. Even though bitcoin is in its current trend, this will not eliminate the value of oil and gold. Different functions, moreover bitcoin replaces oil, obviously oil is a much-needed fuel. While bitcoin can not fulfill it . If what you mean is an investment context, I think oil and gold will have their respective investors because not everyone likes bitcoin.

[LUCKMCFLY]

No, I don't think Bitcoin won't replace oil and gold, although we know that gold is not more flexible than Bitcoin. Bitcoin's existence is very small at the moment when compared to some resource businesses in the world.Bitcoin has monetary value but that doesn't mean it will replace these things, the price will go up but that does not mean is oil and gold will be lost. Oil will have a place in the economy, even though oil prices are plummeting. Gold will always hold a value and it is the fact about the physical metal of the gold metal. higher value and but in terms of quality and applications in everyday life such as creating machine parts to serve production needs, BTC cannot be compared with gold.

What happens is that from the point of view of utility, gold and oil are very different from each other, oil represents money and has a market very different from that of bitcoin, because it obeys many stability standards that governments and banks seek. , Gold is by definition the best option to get out of crisis,. Bitcoin currently represents technology and guides a new path to what will be a more moved future that can replace many things, but oil such as gold cannot be compared with BTC, nor can they compete, the 3 represent money, and with very different applications that offer different utilities, from that point of view we can evaluate it that way.

[jaysabi]

Bitcoin obviously can't replace oil because in no way can bitcoin fulfill the uses of oil as a fuel or in industrial applications.  As for replacing gold, if you mean as a store of value this is also extremely unlikely.  A store of value with thousands of years of history as such is not going to go away because there's a no medium to store value.  Bitcoin could become a widely accepted a mainstream store of value, but in no sense will it replace it.

The OP probably meant that Bitcoin may replace oil as an option in commodity trading. But I agree. It is unlikely. First of all Bitcoin is not a commodity. And secondly, it's price movement is not similar to oil or natural gas. But I disagree with you on usage as store of value. There is no doubt that currently Bitcoin is a highly volatile asset. This may change in the future. The reason for the high volatility of Bitcoin is due to large fraction of the circulating supply being kept as free-float. As Bitcoin prices increase, more and more people would move their coins to cold storage and this would reduce the volatility.

Nah, the volatility doesn't have anything to do with the "float" and everything to do with it being a speculative asset.  All speculative assets are volatile because there is no definable value so people buy on the assumption that someone else will find it more valuable in the future.  It doesn't matter the medium, all speculative assets are subject to the same predisposition to volatility, be it unproven tech stocks, bitcoin, NFTs, or other assets with no intrinsic value.

[kendedese]

bitcoin will not replace oil and gold, nor will gold and oil replace bitcoin. oil is used as engine power, gold is used as a store of assets as well as the safest investment today, while bitcoin is used as an investment in the digital world which has big risks but also has great returns. they have their respective roles so they will not replace each other.

[bryant.coleman]

bitcoin will not replace oil and gold, nor will gold and oil replace bitcoin. oil is used as engine power, gold is used as a store of assets as well as the safest investment today, while bitcoin is used as an investment in the digital world which has big risks but also has great returns. they have their respective roles so they will not replace each other.

Oil is one of the most traded commodity (in and outside stock markets). The OP probably meant about the speculative trade, but most of the thread was not very clear and as a result it created a lot of confusion among the users. There is no such confusion with gold, because everyone knows that gold is used as a store of value, and in speculative trading. But the question is whether BTC will replace the role played by oil and gold in trading. As far as I am concerned, the answer is no - at least for the near term.

[Zanab247]

Bitcoin is a digital currency that is not control by the government. Bitcoin cannot replace oil and gold because gold and oil is control by the government. Government are in control of centralized currency in the country which they have the power to maximize oil or gold profits and also minimize gold or oil in the country.
Despite bitcoin price really demonstrated during the pandemic does not mean it can replace oil or gold in the country.Bitcoin is a decentralized currency that can pump and dump  at anytime wither the economy is good or bad in the country.

[albon]

Gold yes, but I don't think we have cars that run on Bitcoin yet.

There is a car of my design that runs on bitcoin I saw in my dreams 
I agree that Bitcoin may replace gold and be a more profitable investment than gold, but Bitcoin cannot replace oil, but it is similar to it in its high value, and certainly Bitcoin will outperform oil and gold in terms of its high price Insane way and its market value, Therefore, we have to collect large amounts of Bitcoin and hold it to the future, as it is a currency that has proven its efficiency over the past years.

[Desmong]

nope, they will survive and cant be replace by other think. both of them have different skill, and you cant compare each other.
sometimes, people will agree that A is beauty than other despite have different appearances. main reason is how much people about this A

Bitcoin replace gold and oil does not mean that gold and oil will not be in used but it means there value might be reduced because more investors will be invested in bitcoin cause of the frequent profit that could be made from it. Bitcoin is becoming the most valued asset in the world and when the price get to $100k then I don't think any other investment could be compared to it.