Bitcoin vs Gold and the oil market
Ed Moya joins me today to address the Bitcoin ‘halving’ news and the investment narrative for Bitcoin vs Gold. We also discuss the general boring nature of the US markets right now as we all wait to see how this ‘economic restart’ proceeds. Finally we look at the oil market and it’s trading around $25/barrel.
Click here to visit the OANDA website and follow along with Ed’s daily note.
I accept the basic premise of Bitcoin, but in the end, its just another fabricated currency. Why not put gold on the blockchain and use it as the final, ultimate form of currency transaction. Its been for 5000 years, the Rolls Royce of money. In a world of un-ending stupidity, why be more stupid. At worst, if funds start allocating to bitcoin, they will to gold as well.
The trouble with Bitcoin is that so many of the ‘coins’ are already owned by a very very small number of people or governments (less than 100), it it were to really take off it would create a handful of kings and billions of surfs. It would be the most unbalanced society ever seen.