Re: When will Bitcoin catch up with Gold in capitalization?
⭐ Merited by JayJuanGee (1)
Why?
Bitcoin is not a corporation, despite the CEO of Bitcoin memes.
Nobody actually does anything to increase Bitcoin's valuation, except for buying and selling it.
We already have a way to deal with a highly deflated price of Bitcoin and that is the Lightning Network (and not everyone likes it, but it does the job well).
Teaching people how to use it properly will be a problem though. Especially the whole thing about adding channels before you can send or receive anything from them.
Bitcoin is not a corporation, despite the CEO of Bitcoin memes.
Nobody actually does anything to increase Bitcoin's valuation, except for buying and selling it.
We already have a way to deal with a highly deflated price of Bitcoin and that is the Lightning Network (and not everyone likes it, but it does the job well).
Teaching people how to use it properly will be a problem though. Especially the whole thing about adding channels before you can send or receive anything from them.
The Lightning Network "works", but you still need to pay a high on-chain fee to open/close a channel (although this is a one-time payment). It seems that you can't avoid high fees on BTC. Either wait until fees go down, or switch to an altcoin with lower network congestion. Because of Bitcoin's current state, we cannot use it as "digital cash". It's only suitable as a store of value (or "digital Gold"). Investors are now considering BTC as the most likely successor of Gold in the future.
I would've wished the majority considered BTC as the successor of existing Fiat currencies subject to corruption and manipulation. With spot Bitcoin ETFs approved by the SEC, it should only be a matter of time before the BTC surpasses Gold in market cap. The question is: Are you buying and "hodling" the coin?
Please don't suggest people use silly altcoins for payments instead of Bitcoin. With LN you pay a fee once, and not even high as you suggest, like $3 maybe, and then you can transact all you want for like less than a cent per transaction. Altcoins are not even money they are just centralized tokens, so you really can't compare them to using Bitcoin. The answer to bitcoin fees being a few dollars is never "use an altcoin", but rather "use L2". Just as if someone doesn't take cash the answer isn't "use shells", but rather "use a credit card".