Bitcoin Is Digital Gold (Jerome Powell)

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In this video, I discuss Jerome Powell's recent comparison of Bitcoin with gold.

Jerome Powell raises a lot of objections to Bitcoin that might be equally well applied to the US dollar: it is not backed by anything, and it is not a good store of value.

In fact, Bitcoin is a much better store of value than the US dollar, which loses purchasing power every year.

I also discuss Bitcoin's energy usage, and compare it to the energy expenditures that are necessary to secure the US dollar as world reserve currency.

Bitcoin, like most emerging assets, is volatile, but its volatility has come down over time. Like Amazon and Apple, Bitcoin is charting a course from more volatile to less volatile, as it becomes a store of value.

Lastly, I discuss why I think that central banks will have a much more difficult time suppressing Bitcoin's value, as they have successfully done with gold using derivatives and other "paper gold."

Not investment advice! Consult a financial advisor.

Powell sees Bitcoin as a substitute for gold:
https://casebitcoin.com/story/powell-sees-bitcoin-as-a-substitute-for-gold-not-the-dollar

https://www.cnbc.com/2021/03/22/cryptocurrencies-are-not-useful-stores-of-value-says-feds-powell.html

Nixon ends convertibility of US dollar into gold:
https://www.federalreservehistory.org/essays/gold-convertibility-ends

Charts of purchasing power of US dollar over time:
https://www.statista.com/statistics/1032048/value-us-dollar-since-1640/

https://howmuch.net/articles/rise-and-fall-dollar

Bad things happen to you if you go against the US dollar system:
https://www.cnn.com/2000/WORLD/meast/10/30/iraq.un.euro.reut/

US does "proof of work" to secure its currency:
https://www.businessinsider.com/us-taxpayers-spent-8000-each-2-trillion-iraq-war-study-2020-2

Bitcoin's environmental impact:
https://www.youtube.com/watch?v=qXSslAxd-Jo&ab_channel=TraderUniversity

Pomp on Bitcoin transaction volume:
https://twitter.com/APompliano/status/1373997441490501635

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I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.

My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#Bitcoin
#BitcoinNews
#Gold

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