There seems to be a lot of misinformation being peddled on the internet about gold and bitcoin. One major misconception is the notion that bitcoin will replace gold as a monetary instrument. Some analysts, once stanch precious metals advocates now turned crypto aficionados, believe in such theories that there is too much gold in the world to be used as money or that it is now just a barbarous relic. Just a year or so ago, these same supposed analysts were criticizing the Mainstream media financial network talking heads for calling gold as a barbarous relic, but now have jumped on the bandwagon.
Well, in one small way, who can blame them. It has been frustrating holding onto gold and silver patiently waiting for their inevitable rise. So, when Bitcoin and the crypto prices moved up exponentially last year, promising investors vast riches in the future, it was easy for many to drop the precious metals and move into the crypto market. The mindset today is to make lots of money doing nothing. Thus, it’s not surprising to see many fall into this delusion and way of thinking.
A few of the crypto aficionados tell their followers that gold can’t be a monetary asset because there are millions of tons of gold hidden in secret vaults or that there are billions of ounces locked away in the Grand Canyon. While this may sound like quite an interesting conspiracy, there is no sound evidence to back it up. To believe in these fanciful conspiracies defies all logic. However, with the logic being in short supply currently, I am not surprised that many believe in these fairy tales.
One of these ex-precious metals, now a highly qualified cryptoanalyst, suggested in a recent video that the “Gold...