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Illya Gerasymchuk
Entrepreneur / Engineer

BTC went from $0.004 to $110,000 USD in 16 years, but gold was never this cheap in over 5000 years

BTC went from $0.004 to $110,000 USD in 16 years, but gold was never this cheap in over 5000 years Going back to the start of recorded price systems - gold's starting price per gram is โ‰ˆ100 days of labor! This was in 2112 BCE, which was โ‰ˆ4K years ago So using earliest records of starting price - 1g of gold would cost โ‰ˆ25K$ is today's USD ๐Ÿคฏ NOTE: this is an imprecise estimation - but it's useful to bring the gold vs bitcoin price increase argument in perspective. During most of gold's USD history its price has been fixed by the government/law. Will Bitcoin be here in 5K years? No - not in its current form. Gold (Au) hasn't changed in 13 billion years Bitcoin promo accounts love to compare BTC to gold, and they frequently cite that BTC is up much more than gold over the last 16 years. The number is big - from its inception Bitcoin is up millionth of percent What the pro-crypto accounts fail to point out is that mathematically their conclusions are misleading. They almost always use USD as the base currency for comparison, but ignore the fact that gold was used as money several millennia before U.S. was even conceived. As such, such comparisons fail short They also seem to selectively omit the massive volatility - gold doesn't go down 80% every other day/cycle top The gold prices here I computed are estimates - don't take them as hard quantitive data. Read this in the context of comparing the price of gold and Bitcoin. If someone's argument is that Bitcoin is better than gold because it had a higher percentual return in 16 years - it likely lacks substance

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