The American entrepreneur, head of Digital Currency Group, Barry Silbert, released a video urging investors to convert their gold reserves into Bitcoin. The campaign with the hashtag #DropGold quickly spread across social networks worldwide, gathering both positive and negative feedback. Bitcoin versus gold – a serious statement from an authoritative business representative.
In the video, characters demonstrate humanity’s obsession with noble metals and propose embracing the digital future. The pressure is on the inconvenience of storing and reselling gold reserves. And a vivid demonstration of managing capital with just a tap on a smartphone screen.
Bitcoin versus Gold: Removing the Rose-Colored Glasses
The digital age obliges users to keep up with the times. In terms of convenience – yes, there is logic. But upon closer inspection, everything looks quite vague. Russian and Indian economic development experts unanimously assert that such statements are false and that everything is heading towards another deception of humanity. How can one trust their capital to some server managed externally (by an individual or a legal entity)?
Better a bird in the hand than a crane in the sky!
The good old saying says it all. Here’s an example: the fall of a server of one of the European banks in 2018 led to hundreds of thousands of people suddenly becoming insolvent due to the lack of cash. The same applies to Bitcoin and gold. Jewelry or bank metals can always be sold and the spent funds recovered. But what about virtual Bitcoin stored somewhere on a server, whose owner fell victim to a hacker attack or went bankrupt?
It’s important to remember that cryptocurrency “fluctuates” in price. And it is manipulated by investors who invest in Bitcoin to increase its value. They take the “cream” at certain price peaks. One earns – millions of people lose their savings.
And what about gold? Precious metals are always in demand. Moreover, the value of gold has been steadily increasing over the past five decades. There are jumps, but not significant ones. Recently, these are linked to the fact that global powers are divesting from American debt obligations in favor of replenishing the country’s gold reserves. The “Bitcoin versus gold” campaign is inherently a money scam.
The conclusion is obvious – never fall for such provocations launched by business sharks like Barry Silbert. Trust material things, not the virtual world. Keep your bird in hand and do not let others manipulate you for their own benefit.
