I was wondering, what does it take for a hardcore goldbug like Peter Schiff, or our very own r0ach, to admit that they fucked up big time holding gold instead of Bitcoin?
Currently gold is around 7 $trillion marketcap, I haven't paid attention to gold to get the exact value but last year it was around that. Bitcoin is around 100 $billion as of today.
At what point will some traditional goldbugs publicly accept that they should have at least, diversified some of their gold into Bitcoin? I have added a poll with 5 options, the most conservative one is when BTC reaches 1 $trillion, because I don't expect any of them to admit they were wrong any time sooner than that.
The poll never expires.
I'm not so sure that's what would get their attention. Certainly, you have a valid point and I'm not going to say that it's wrong. But goldbugs see things a bit differently than just market cap and price per ounce.
They're stuck in the doom loop of fiat crashing, futures being erased, and the world reverting to a barter system. This sounds all fine and dandy but what really would cause something like this to happen? There's too much institutional money in fiat for it to just dump and destroy itself. They would never let it happen. They've got too many tricks up their sleeves.
And besides, if it were the apocalypse and you had a farm full of goats, would you really want to trade them for gold?