Cryptocurrency has me baffled.
The fanatics are now lauding themselves as having claimed the "ultimate safe haven asset" crown from gold.....I know - right?
They argue that it is finite as opposed to gold. They don't talk about how there is only one gold though. They don't mention how there are now hundreds of cryptocurrencies in competition with each other for the investor's dollar.
They have barely 10 years of price data to base their "safe haven asset" class off. And in that 10 years the concentration of whales has been increasing. The volatility.....? Well, doesn't really scream safe-haven to me.
They also forget to mention how wildly unregulated the trading environment still is in cryptoland
Or how many hacks, heists, fines, have occurred in that decade compared in $ proportionate terms to major gold heists over the centuries.
Gold can be recovered if it is physically destroyed eg gold bar blown up by dynamite. It may cost a lot to find all the fragments but we can all agree that it ultimately can be recovered. In cryptoland coins are digital and can be stored privately in an offline wallet. This can be a USB stick with millions of $ worth of crypto on it. It can be physically destroyed and the crypto if not backed up elsewhere is destroyed forever. Which of course means that if Cryptowhale1 discovers the physical location of Cryptowhale2's offline crypto wallet.... and steals/destroys it(same effect) the market share of Cryptowhale1's holdings increases.....logically he/she would destroy it so as not to be traced. If you "backup" your crypto holdings for a start you are contradicting the much adored "decentralisation" mantra but more importantly you are open to being hacked/robbed. Easy to see an end game me thinks
I just think they might be getting ahead of themselves a little
MicroStrategy CEO Explains Why Bitcoin Is ‘a Million Times Better’ Than ‘Antiquated’ Gold
https://www.coindesk.com/microstrategy-ceo-bitcoin-better-than-antiquated-gold
I don't hold any crypto
These are just my thoughts - not investment advice
GLTAH
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