• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Bitcoin Hasn't Lost Its Way - Its Just Getting Started
Nexo

In the Battle for Acceptance, has Bitcoin Accomplished What Gold Can’t?

Jinia Shawdagor by Jinia Shawdagor
5 years ago
in News, Bitcoin, Bitcoin Acceptance, Bitcoin Investment, Markets and Prices, News teaser
0
Advertisement

Once upon a time, it would have been absurd to compare bitcoin to gold. One was a new cryptocurrency with little to no adoption, and the other was a precious metal and one-time backer of world currencies. The ensuing years have seen Bitcoin grow to become one of the most precious stores of value, even surpassing that of gold.


After nearly two decades of trading in the $350 – $500 range, in 2002 gold bottomed and it took nine years for it to make a comeback, reaching a record high of around $1900 in September of 2011. It was a slow but respectable gain of over 550% but over time, the commodity has given up a significant portion of the gains. By contrast, at the time of this writing, Bitcoin, has recorded gains of nearly 12,000% in less than a third of the time.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

In 2011, investors were abandoning their gilded ship in droves. The hard money camp were the only ones who still believed in gold as a currency, while the masses refused to view or treat it as such. As a result, even hard money supporters began to dwindle. The “Top-Down” path to gold being adopted as a currency ultimately failed because there was no support at the “bottom” (the masses).

Bitcoin, on the other hand, is experiencing a “Bottom-Up” adoption route. It already has large-scale support among the masses (the “bottom”) and that support has started to spread upward, to businesses, the financial sector, and even some governments.

What Does this Mean for the Precious Metal?

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

What Does this Mean for the Precious Metal?

The declining performance of gold since it hit its record high in 2011 hasn’t been a good sign. The precious metal stands no chance, at least in terms of mass perception. Many people view it purely as an ancient relic that has no place in today’s modern monetary system.

Even in India, where gold consumption is second only to China, the demand for gold is falling. According to the World Gold Council, India’s gold consumption in Q3 of 2017 dropped by 24% compared to the previous year and Q4 is likely to see a similar drop, bringing gold consumption in the country to its lowest point in eight years.

While the price of gold has inched a little higher from its 5-month low ahead of this week’s meeting of the U.S. Federal Reserve, overall demand continues to decline. The Bitcoin market, on the other hand, is expected to continue to grow – especially with the recent addition of bitcoin futures trading to the mainstream financial sector. 

Given these factors, it is entirely possible that Bitcoin will succeed where gold has failed and go on to be accepted and treated as a currency.

Do you think Bitcoin will ever be accepted as a currency? Will the gold market ever recover even a portion of its former glory? Let us know in the comments below.


Images courtesy of Fotolia, Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Jinia Shawdagor

Jinia Shawdagor

Related Posts

short bitcoin

Inverse Bitcoin ETF Sees 300% Increase In Short Interest

5 hours ago
Bitcoin

Bitcoin Bear Market Sends On-Chain Metrics Into Sideways Trend

9 hours ago
bitcoin addresses

Decline In Bitcoin Active Addresses Suggests Market Is Purging Paperhands

11 hours ago
Crypto

Crypto Lender Voyager Digital Goes Bankrupt After Three Arrows Collapse

13 hours ago
South African Firm Raises $150 Million To Introduce Crypto Water Tokens Dubbed H2ON

South African Firm Raises $150 Million To Introduce Crypto Water Tokens Dubbed H2ON

20 hours ago
Jordan Belfort

Jordan Belfort, The ‘Wolf Of Wall Street,’ Advises: Buy Bitcoin Today And Make Money

21 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.