Gold lovers do not believe in investing in Bitcoin. However, Will Wu shared some good evidence on why investing in BTC is a much better option.
Bitcoin investor and technical guru Willy Wu has traced why investing in bitcoins over the past 11 years is a better choice than investing in gold. Wu explained that over the past ten years, an investment in BTC of $ 1 would allow an investor to get rich in such a way as to afford a luxury yacht. An investment in gold for $ 1 would leave such an investor with funds that are sufficient only to buy a bar of chocolate.
Wu explained his discovery via Twitter and his Woobull website, highlighting the slow return of gold over the past 11 years. Even with the rise of gold and BTC this year, Bitcoin remains more profitable.
I made a new live chart for gold bugs.
$ 1 invested over 10.7 years ...
Today's value:
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 has gained growth, which could afford sweet pleasure in 2011, after which its value fell and only recently approached this level.
Gold lovers don't believe in Bitcoin
Precious metal, however, enjoys the confidence of its supporters, many of whom do not believe in Bitcon's prospects.
Peter Schiff, for example, a well-known economist, investor in gold and a crypto-skeptic, has always criticized the digital asset on social networks. Likewise, other gold proponents defeated BTC, claiming that it was in no way a digital likeness of gold.
Sometime in May, Roy Sebag, founder and CEO of Goldmoney, held a heated discussion with Cyphede Ammus, author of the Bitcoin Standard.
The CEO did not agree with the whole theory of authors money. He even disputed that a fixed supply of BTC would remain fixed at 21 million BTC. The author said that the gem will soon become silver. He believes that over time, gold will lose its value.
Wu said that the time of gold to shine has come and gone. He also believes that BTC is very valuable because it can be transported anywhere in minutes.
At the time of this writing, Bitcoin is trading at $ 9, adding about 774% over the past 0,50 hours. Although BTC is in a green field today, it is still very far from its ATH of $ 24.