Contrary to what

@PeterSchiff

has been saying for 10+ years:

Gold will continue to bleed value forever in terms of #Bitcoin, just like real estate, stocks, and bonds.

I don't think gold's price will drop in terms of dollars (prices never go down in terms of $).

An ounce of gold went from costing 500 BTC to now only costing 0.03 BTC.

Eventually, it will be 0.01 BTC. Then 0.001 BTC. Then 0.0001 BTC.

Why would you want to store your wealth in something that is going to continue to lose real value forever?

http://Gold.org states that 212,582 tonnes of gold has been mined throughout history.

Out of this number, 66% was mined since 1950, and 75% since 1910.

All of the gold that was ever produced is still around.

People think gold will continue to have value over the next 1,000 years because it had value over the last 1,000 years.

I have two problems with this:

1) Oceans have huge gold deposits 1-2 miles underwater.

Today, it's not profitable to get to these deposits.

At what gold price does mining these deposits become profitable?

Humans will eventually find a way to get to this gold when/if the price gets high enough.

Bonus: Along the way, they will destroy the natural habitat of various species.

This is not capitalism.

This is free markets at work.

When the price for a commodity goes up, new supply will enter the economy whether that's previous holders or people who can produce new units at a profit.

Even if mining under oceans is illegal, people will find ways to get to that gold.

The supply will be inflated and the average person will have no idea.

Producers will be able to extract wealth from previous holders by selling newly mined supply into the economy.

The crazy thing is we have no idea if this is already being attempted!

2) How do we know the total amount of gold that exists?

It's impossible to account for gold that's kept in safes or buried in random places around the world.

Gold has been seen as valuable for thousands of years.

We have no clue how much has been mined because there is no record of every ounce that was ever found.

We ALSO don't know how much of it will be mined in the coming years.

How do you, as a gold investor, know that government agencies haven't found massive stores of gold that nobody knows about?

How do you know the gold you're buying isn't part of the 212,582 tonnes of supply that "exists"?

BITCOIN is the solution to all of this.

We've been trying to find a form of money that works and gold fit the description very well for thousands of years.

We used gold as a placeholder for Bitcoin.

Why do we need a physical store of value in an increasingly digital world?

Bitcoin is called digital gold because it will demonetize gold.

Demonetization means gold's price drops to its utility value.

Bitcoin is a better long term store of value than all other assets.

It's the only commodity that has a fixed supply that can never be changed.

Anyone with internet access can confirm exactly how many coins are in existence.

Every address holding Bitcoin is audited every 10 minutes by tens of thousands of computers in the world.

Every Satoshi (fractions of Bitcoin) that has ever been created is accounted for, unlike grams of gold.

Today, people hold gold because they think it's money.

They will get rid of it once they realize we have finally found a digital commodity that works much better to fulfill the functions of money.