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For thousands of years, gold and silver have been used as real money and are still considered more reliable than fiat currencies. Even though paper money has entered our lives, we see that especially in countries battling high inflation, people show a keen interest in gold and silver. There are many reasons for this.
Gold and Silver
These two precious metals have been used as a medium of exchange by people for thousands of years. Even today, especially in inflationary regions, the demand for both is high. Physically holding gold and silver significantly protects you when your country’s currency is losing value.
Moreover, in regions with weak economies where dollarization is strengthening, investors protect their savings by gaining from both the dollar and the increasing value of gold or silver. In countries like Turkey, this culture has become an important part. Gold gifts given to newlyweds mean families financially support each other during times of need to a certain extent.
Bitcoin, Gold, and Silver
So, gold and silver have been part of our lives for thousands of years. They have even become part of our culture, but what about Bitcoin? BTC is a much newer asset, a store of value. Still, only a few people believe in its long-term potential and position as a store of value. This means its full potential has not yet been realized.
Perhaps as technology advances and changes the perception of a few generations, we will see this change. In a world where the grandchildren of those who bought and sold BTC when it was just $20,000, we should see a different profile from today’s older investors. Moreover, today’s younger generation sees gold and silver as old-fashioned investment tools, similar to how the elderly view Bitcoin.
Famous financial author Robert Kiyosaki, despite being a staunch defender of gold and silver, says the following;
“I love gold and silver. There are gold and silver mines. The problem with gold and silver is this… as prices rise, more gold and silver are found. The same is true for oil. I have oil wells (investments in company shares and the like). This is not true for Bitcoin. No matter how high the price of Bitcoin goes, there will only ever be 21 million. That’s why I love Bitcoin.”
Perhaps Bitcoin will teach the world what real scarcity means.
