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 Bitcoins
 Bitcoin 'gold'?
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James R. Davis
Male Administrator
17362 Posts
[Mentor]


Houston, TX
USA

Honda

GoldWing 1500

Posted - 03/27/2020 :  7:35 PM Follow poster on Twitter  Join poster on Facebook as Friend                        Like
I discussed this a long time ago, but the situation has changed dramatically today.

The U.S. government has effectively printed two TRILLION dollars ic currency today. I'm absolutely NOT condemning that action as I believe it was the right thing to do given the pandemic's effects on the economy - more precisely, on the working man's financial health.

But I can't help but recognize that this was absolutely an inflationary decision. The value of the U.S. dollar MUST weaken.

Gold, on the other hand, retains it's value - meaning that more U.S. dollars will be needed to buy any given amount of it in the future.

And as to bitcoins, almost the same thing seems likely as the amount of bitcoins in circulation can NEVER be greater than 21 million and the number of bitcoins being produced is also about to be halved (in May). That means, to me, that the odds are that bitcoins will go up in value as the U.S. dollar goes down.

And you already know, I'd rather own bitcoins than gold for lots of reasons - mostly because there are no storage/protection costs, they can instantly and cheaply transferred anywhere, and they can be spent in any denominations.

Just a thought.
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