Gold bugs are literally defined as people who hold gold and view it as the best investment possible, regardless of the state of the gold market. This is something that is extremely irrational, and probably deep rooted. Thus, it's extremely hard for one to just "give up".
Though, I do think that with cryptocurrencies as a viable alternative store of value, especially bitcoin, it would only be a matter of time before gold perma-bulls start converting some of their long term holdings into bitcoin. I've seen many youtubers do so over the past few years, and this trend will continue, but will take time.
It may ultimately not even come down to gold's market cap, but rather, the rise awareness of better alternative store of values like bitcoin that has the exact same properties as gold, that makes these gold bugs shift their investment stance.
Though, I do think that with cryptocurrencies as a viable alternative store of value, especially bitcoin, it would only be a matter of time before gold perma-bulls start converting some of their long term holdings into bitcoin. I've seen many youtubers do so over the past few years, and this trend will continue, but will take time.
It may ultimately not even come down to gold's market cap, but rather, the rise awareness of better alternative store of values like bitcoin that has the exact same properties as gold, that makes these gold bugs shift their investment stance.
I have seen goldbugs talking about gold in terms of "god's money". I understand that gold has an impressive network effect that lasts for what, thousands of years? but they often forget how volatile it was in the past. Isn't this familiar:
And what about this:
Please stop denying gold isn't any less manipulated than Bitcoin, and start accepting the fact that Bitcoin has obvious positive points: They cannot confiscate it when trying to cross borders, they cannot show up in your house with radars and inspect your garden or whatever trying to find buried gold and so on. The money is also harder due the limited and public, predictable supply. Nobody has numbers of what gold's supply is, which becomes yet another factor to manipulate which they can't do with BTC.
There are reasons to own both Bitcoin and gold but not seeing Bitcoin beats gold in many departments is being yet another deluded goldbug.