Post
Topic
Board Bitcoin Discussion
Re: Do you think a Bitcoin is worth more than a metric ton of gold?
by
bitmover
on 29/07/2022, 18:19:20 UTC
People like to think of Bitcoin as a super-dollar and compare it to fiat, but I like to think of it as a metric ton of gold. That would mean each satoshi is the equivalent of a centagram of gold.

According to the USGS (The U.S. Geological Survey), about 244,000 metric tons of gold have been mined. That is about 537,927,920 pounds of gold, so Bitcoin is already rarer than pounds. Accounting for gold on the 16 Psyche asteroid and other planets, there seems to be a never ending supply.

Do you think this would make Bitcoin more precious than a metric ton of gold, especially considering it cannot be confiscated and travels at the speed of light? 

What you or me or we think is irrelevant.

For now, 1g of gold is worth 56 USD.
https://www.goldpriceoz.com/gold-price-per-gram/

This means that 1 centigram (cg), which is 0.01g  is about 0.56 USD.

1 satoshi is worth 0.0002 USD.

So no, 1 bitcoin is not worth more than a metric ton of gold.