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Dan Held Shared: Over 11 years: USD: $1 = $0.75; #Bitcoin: $1 = $10M; Which one is a better store of value?
Community Reaction: People don’t invest in dollars. If you do, you deserve the painful leeching of purchasing power.
Trillions in savings accounts say otherwise.
$1 still equal $1.
Say you believe in the dollar as a stable currency, without saying the dollar is a stable currency.
Stably losing purchasing power year over year!
The dollar is backed by gold which has inherent value. Bitcoin has no inherent value.
The dollar is not backed by gold. It has been 50 years since the end of the Bretton Woods system. The dollar is backed by the full faith and credit of the United States.
And its credit, in turn, is backed by its ability to lay and collect taxes, to punish non-payment of taxes, by its assets and resources, by its ability to seize the assets of others, etc., etc.
Think you may be missing the meaning of “store of value”.
It’s not just storing, it’s appreciating value, which is completely different. It’s speculative asset, past is not equal to future, it could lose value too.
1BTC=1BTC simple as that. No need to buy $ with BTC right?
“The dollar sucks! Look how many dollars I could have made if I bought BTC in 2010!”.
Testing my math skills here.
But if the goal of bitcoin is to revolutionize the global financial system by ultimately replacing fiat currency with bitcoin, then why should BTC’s value in relation to USD matter? Unless you don’t actually care about bitcoin’s revolutionary potential and just want a good ROI?
USD is a stable coin, very misleading information. The FED would say USD.
And they would be correct. Investments that rapidly rise (and fall) in value are not good stores of value.
The only way purchasing power is held constant is through complete control/manipulation, which makes that asset a bad store of value.
That’s stupid. It’s precisely what makes it a good store of value: The problem with Bitcoin compared to government currencies is that the government can steal your assets to back up their currencies but crypto can’t. People lose faith in the dollar and men with guns can take your shit to fortify it. Lose faith in crypto and it’s value zeroes.
So good store of values have to completely rely on the trust of a third party? Oh and Google “gold” btw.
Gold was a decent store of value, but it had more short-run volatility than the dollar today:
It was the quintessential SoV for thousands of years. Past performance is not necessarily indicative of future performance.
No, I am pretty sure it will rise another 50k% and each countries GDP will be roughly 1BTC. All hail our crypto bro overlords.
Dollar easily. Note the relative lack of price changes for the dollar.
Apart from the 25% a year it’s losing?
Not 25% a year, 25% per 11 years, Bitcoin loses value 25% per month.
Inflation. Inflation. Inflation. Read up on it. 25% in real terms per year at the moment.
The history of USD and other currencies is one of debasement, but let’s be honest BTC has ZERO long term history to offer as proof of being better. 13 years is a blink of the eye in history and better solutions might, or probably will, appear in the coming years or decades.
$10M = $7.5M if I follow your logic. Anyway, it’s flawed. 1 BTC = 1BTC, no need to price it in dollar.
Crypto is outpacing the dollar by a long stretch; proof enough that our fiat system is crippled, limited, over abused by those who established it and continue to support it for their comfortable gains. A better future awaits with blockchain technology.
Your $1,000 saved now will one day be worth $750 or less in buying power as inflation continues to devour your opportunities.
Isn’t this a bit broken statement? 11 years ago goods of services did not 13,333,333 times get more expensive This means: the 1 dollar stored did not keep its value in Bitcoin, it exploded. This is not a proposition of storing value, this is a proposition of emerging new asset.
That’s why Bitcoin is the future. People who don’t invest their USDT in Bitcoin in the near future, will regret it very much.
