Gold enthusiasts do not believe in Bitcoin investments. However, Will Woo has shared good proof that shows why investing in BTC is a much better option.
Bitcoin investor and tech guru Willy Woo has beamed the light upon why Bitcoin investment in the last 11 years is a better choice compared to investing in gold. Woo explained that in the last ten years, a $1 Bitcoin investment would have left the investor rich enough to afford a luxury yacht. However, a $1 investment in gold would have left such an investor with funds that are enough only to buy a chocolate bar.
Woo explained his finding via Twitter and his website Woobull highlighting gold’s slow return in the last 11 years. Even with both gold and BTC gaining this year, Bitcoin remains more profitable.
I made a new live chart for gold bugs.
$1 invested over 10.7 years…
Bitcoin: $12.8m (a luxury yacht)
Gold: $1.66 (a snickers bar)https://t.co/5TEucxgFdD pic.twitter.com/m7FPBbnmvc
— Willy Woo (@woonomic) June 9, 2020
Gold in the last decade made gains which could afford just a sweet treat in 2011, after which its value plunged and going close to that level again only recently.
Gold Enthusiasts Do Not Believe in Bitcoin Still
The precious metal, however, has the trust of its keen supporters, many of whom don’t believe in Bitcon’s prospect.
Peter Schiff, for example, a famous economist, gold investor, and crypto skeptic individual always bashing the digital asset on social media. Similarly, other gold supporters have bashed BTC, saying it in no way is gold’s digital similitude.
Sometime in May, Roy Sebag, founder and CEO of Goldmoney, was in a heated debate with Saifedean Ammous, author of “The Bitcoin Standard.”
The CEO was not ok with the authors’ entire theory of money. He even disputed that BTC fixed supply would remain fixed at 21 million BTC. The author, however, said that the precious stone would be like silver soon. He believes gold would lose its value over time having been unable to take advantage of the coronavirus fiat meltdown.
Woo said that gold’s time to shine has come and gone. He thinks also that BTC would take on that shine as it can be sent across borders.
At the time of writing, Bitcoin is trading at $9,774, having gained around 0.50% over the last 24 hours. Though today BTC is in the green, it is still very far away from its ATH of $20,000.
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Muhaimin is a journalist, a fintech and crypto enthusiast who is passionate about its development in Africa and across the globe. Muhaimin derives pleasure in reporting and analysing happenings in the crypto world and a believer in Blockchain technology.