If you have any interest in the technicals behind Bitcoin, you've probably compared them to gold. And although digital gold, simply called Bitcoin, is far superior to physical gold, due to its better characteristics as illustrated below,
there's a stubborn community led by gold-believers, who project on us their fantasy of a world that uses gold as money. Several YouTube channels talk about gold's role in the financial system, although we left the gold standard in the 70s in the previous century.
Yet, the narrative remains the same: gold needs to play a key role when firing up the monetary system again, when it fails. And in the past, this has been used to success. Yet, we're now in the future. The failure of our global financial system as well, has been the subject of their endless debates, and for more than 10 years they've been predicting the end of the world. However, it seems like our governments are yet again, able to save the financial system.
The system will be saved thanks to technological advancements. Unfortunately for the gold investors, this means that gold will have strong competition in this digital financial world which will offer people the comforts of instant settlement. The tech driving this Lambo is called blockchain. I'm sad to say that their narrative no longer makes any sense. I believe that if a new system were to be constructed, Central Banks would have to show their Bitcoin holdings, versus centuries of proof of gold reserves.
Now, this doesn't mean that gold doesn't belong in a well-diversified portfolio, however, the FOMO-stories and FUD-campaigning should stop, because it is ridiculous.
