Bitcoin and gold have been compared for a long time. A new poll initiated by former Congressman of Texas, Ron Paul has revealed that Bitcoin has become people’s favorite investment option for long-term investment.
Only 33% Will Consider Gold for Long Term- Holding
Ron Paul initiated a poll on Twitter asking people what they would invest in if a wealthy person gifted them $10,000. The options for the same were – 10-year US Treasury Bond, Federal Reserve Notes, Gold and Bitcoin.
Federal Reserve registered the lowest number of votes with 2%, it was followed by 10-year US Treasury Bond with 7% votes. Interestingly, Gold managed to get 33% votes but Bitcoin emerged as the winner with 58% votes. Till now, 64,000 people have voted and still, 5 hours are left for the poll to end.
Furthermore, the poll asks about 10-year investments this implies that people prefer Bitcoin as s long-term holding option.
Bitcoin and Gold both are scarce assets with a limited supply. However, unlike Bitcoin gold cannot be transferred online. Moreover, its weight is often an issue for bulk transportation. Not to mention the protection measures needed for the same.
The total supply could be viewed from a different perspective, as well. Bitcoin is preprogrammed to cut in half the rewards given to miners every four years in a process called Halving. Two halvings have occurred so far, both pushing Bitcoin’s price to go up, and the next one will happen in 2020.
When it comes to investing in Gold, not only is security a prime issue, it can be an asset misfit to store significant wealth in. If we consider the previous scenarios, Gold has failed time and again to show remarkable gains when the global economy was booming.