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By Andrea Porcelli – 2 Nov 2022
In a recent tweet, Ethereum (ETH) co-founder Vitalik Buterin said that betting on crypto instead of precious metals is the best way to accumulate wealth.
Summary
“Gold is incredibly inconvenient. It’s difficult to use, particularly when transacting with untrusted parties. It doesn’t support safe storage options like multisig. At this point, gold has less adoption than crypto, so crypto is the better bet.”
This is how the Russian Ethereum co-founder, born in 1994, puts it, on the question of who is better between crypto and precious metals. Vitalik Buterin‘s words are in response to a tweet by cartoonist Zach Weinersmith stating his doubts about the difference between crypto and gold. Vitalik’s response was not long in coming, providing yet more confirmation on his point of view in the debate, not a surprise since he has been arguing this thesis since 2014.
Indeed, this is not the first time Vitalik Buterin has expressed himself about the matter on Twitter. Back in 2018, he expressed his opinion in this way:
5. "Why Bitcoin is Better than Gold" – I actually agree Bitcoin is better than gold as an SoV both individually and socially; I harp on bitcoin PoW mining wrecking the environment a lot, but gold is worse. https://t.co/3GNPECdMYo
— vitalik.eth (@VitalikButerin) April 3, 2018
Showing confidence in stating that crypto (in this case Bitcoin) were much better than gold, and that if he disagreed with Bitcoin it was only because of an environmental issue. However, on par with Bitcoin’s pollution from its mining, gold’s environmental pollution is much worse.
The unstable geopolitical situation regarding commodities suggests that investors need a safe haven for their goods and assets.
Although gold historically has always been a safe haven asset for everyone, today’s situation has changed.
Competing with the precious yellow metal are crypto assets. In addition to also serving as a refuge for investors, they also give the opportunity for easier and safer transactions.
The year 2022 was certainly not the year for gold, which suffered many losses due to inflation, unlike the dollar, which rose.
In addition, according to finbold.com charts, gold also lost a lot in the precious metals arena. In fact, silver and platinum beat gold by 64.12% and 112%, respectively.
The American multinational financial services company JP Morgan, sides with cryptocurrencies in the debate, especially with Bitcoin.
Explaining that Bitcoin beats gold in eight key factors: durability, portability, fungibility, divisibility, scarcity, verifiability, censorship and overall history.
Hayden Adams, founder of the Uniswap platform, has spoken out in the debate with a very peculiar theory about precious metals. The creator of the famous unicorn exchange, explained in a statement that the market value of precious metals could drop dramatically due to a meteorite.
This theory explains that if humans in the future are able to take precious metals from asteroids, then the market price of precious metals such as gold, silver and platinum would be in for a huge drop.
A rather futuristic theory, which would put an end to the eternal debate between gold and crypto.
Marco Cavicchioli – 2 Nov 2022
Reporting the future.
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