Gold is useless for banks.....
Your statement is useless too as you didn’t even back it up with anything.
I get it, we all love Bitcoin and we want to see more adoption. But let's open our eyes, they’re not going to drop their gold reserves just to buy Bitcoin. Like it or not, confidence in gold is still very high. Most countries’ reserves are still backed by it.
Sure, Bitcoin is more transparent thanks to the blockchain, but the risks like high volatility and market manipulation are still major concerns for them.
That’s why, even in the U.S., despite Trump publicly saying crypto could become a reserve asset, no state has actually made it a reality yet.
This is the harsh truth that bitcoin investors don't want to hear but you are right, we should open our eyes and accept the reality. Central banks, governments still believe in gold, they will not consider adding bitcoin to their reserves anytime soon, let alone sell gold just to get bitcoin.
We also need to accept the fact that bitcoin is volatile, risky and can bring high returns but it cannot compare to gold in terms of stability and safety. Meanwhile, that is what the government needs, they do not need assets that are too volatile and high risk because their goal is not profit but to protect and maintain the economy. So as long as bitcoin is volatile, I don't think banks will consider it.
It is difficult to take you guys seriously if you are trying to proclaim that gold is equal or better than bitcoin as an investment.
I will stick with my claim that having even 10% the size of your bitcoin holdings in gold might be a bit much, but at least it is reasonable as compared with proclamations that gold is even as close to good as bitcoin, even if you might see some central banks, financial institutions and perhaps even out of touch governments continuing to hang onto gold as if it had any reasonable amount of continued relevance.
Even recently, I heard some claim that gold is more liquid than bitcoin, which truly is ridiculous, even though we know that gold has around a 10x higher market cap than bitcoin, yet if we looked back at the market cap of bitcoin versus gold 5-6 years ago, then at that time, gold's market cap was around 50x larger than bitcoin's.. So what is happening to gold's market cap as compared with bitcoin's? How about we look back 10 years? Where were the respective market caps? 10 years ago, bitcoin's market cap was about 1/300th the size of gold's market cap.. so for sure gold is ongoingly shrinking a lot relative to bitcoin, and it is going to continue in that direction, so hopefully not too many guys are getting distracted into any beliefs that gold has any kind of fighting chance as compared with bitcoin.