Bitcoin is 83000 percent more profitable than gold
A popular economist and passionate proponent of gold Peter Schiff published an interesting tweet saying that Bitcoin chart is “horrible”. He stated that technical analysis says about development of bearish trend, and crypto enthusiasts should prepare themselves to BTC drop to $6000 in the nearest future. The crypto community reacted with criticism and comparison of Bitcoin with gold.
In other words, Bitcoin supposedly must drop in price by almost 25% soon. Moreover, the crypto currency is on the brink of “collapse” and will definitely come down to $2000 because of the “completing the right shoulder of a head and shoulders top” on the BTC graph.
However, even with such scenario Bitcoin will excel the beloved Schiff’s gold a thousand-fold.
Comparison of Gold and Bitcoin
Here is a simple example. If you invested $100 in gold twenty years ago, you would receive $500 today. Yes, five times increase, though the term is long. The same $100 invested in Bitcoin nine years ago would end in $16 million today. Excellent result – the most profitable asset in the history of humanity.
Moreover, seven years ago the price of gold reached its record high in $1800 per ounce. Since then it did not increase. Bitcoin went up 83000 percent for the same period, while gold became 20 percent cheaper.
Below is comparison of the Bitcoin and gold charts:
Which graph looks more awful? Here is a comparison of logarithmic charts of Bitcoin (red) and gold (orange). The winner is obvious.
Right now the price of Bitcoin makes $7463.