Gold and silver ripping make important goods cost more (especially tech and industrial)
When Bitcoin rips….goods don’t cost more. It’s an excellent money/store of value. The “no intrinsic value” is exactly the point.
Discussion
100% dedicated to being as close to perfect money as possible so far. BTC
It'll presumably affect costs of data centers, ASICs etc as those will get bid up to support mining... Nothing exists in a vacuum
Agree. Sound money cant exist without some cost to the world. However, worth some napkin ChatGPTing to compare.
Bitcoin total energy use and ASICs was ballparked around $7-13B annually.
A price of $75/Oz for 600 million Oz of silver per year use in industry is $45B.
A price of $4500/oz for 10 million oz of gold per year use in industry is $45B as well.
Costs to mine Gold and silver are ~$150B and $20B annually.
Also this is not considering some percentage of bitcoin mining is done on energy that does not compete very directly with the broader market (renewables generating excess).
Yep, seems like reasonable analysis. The "excess renewable energy" thing is really key. There are millions of rooftop solar households that could become Hodlers because of this...
Because it cannot be used for anything else, that is why money, as it's use case, is perfection
Of course there are reprobates trying to change it into something else
if you still think that 1 btc = 1 btc than why are you convererging and thinking in fiat or metal fucking