100 sats \ 0 replies \ @027067d654 14 Nov 2023 \ on: Will gold be used alongside Bitcoin in a hyperbitcoinized world? bitcoin
No, more and more commerce is conducted over the internet. Gold bars were a pain to use centuries ago - how exactly do you think they will be used in the future - to pay for API access, to stream value for value, to buy video games and music?
Gold has a large monetary premium and its supply increases every year with no practical upper bound. If the price rises more, more gold mines become economically viable increasing the supply faster.
Gold used to be the densest metal available, but now tungsten is cheap and widely available, making fakes that are harder to detect.
Gold's time has clearly passed - it will be relegated to the same role as silver, platinum, etc.