#gold gained most of its value after it was unpegged from currency .. USD ..1971..
The idea that #bitcoin becomes irrelevant if it's not a payments system ..
For those who are sleeping in caves .. Bitcoin didn't become 100 k cuz it is a paym nt network ..
Infact the best way to kill #bitcoin is to make it a payments network ..which basically means it needs to be pegged to currencies
Private citizens were legally restricted from owning more than 15 oz. of gold until 1974. This may have had something to do with it also. Any asset pegged to fiat will eventually end in manipulation.
So what ?
I don't disagree, only saying that was likely holding golds price back. The government doing what governments do. Just a random thought. 😐
I see .. but I am talking gold's appreciation from five thousand years back to 1971 .. and then from 1971 to date .. despite government controls, seizures , anti sumggling , KYC ..all ..
Gold appreciated more from 1971 todate .. as soon as it was formally depegged from currency ..
The idea is .. to be relevant .. you don't need to be or closely attached to the payment system.
On the opposite side .. such alignments ..weather regulated or Free .. invariably undermine asset valuation..
Nland as you rightly said ..govs was against private ownership of gold cuz it was deemed reserve asset .. reserved for govs .. sameway , if Bitcoin is attached to currencies .. who knows ownership of BTC may be decalred #reserved ..
I know we can still own and self custody ..bit for general people , it is too much risk .
Certainly not irrelevant, but do you think that it can really change the world for the better if it just becomes a newer version of gold? If it is all locked away in cold storage and only circulates between governments and corporations, I think that it becomes less relevant to the average person.
