In which asset class would you direct $10,000 in investment capital – bitcoin or gold? There’s one condition. You can’t touch the funds for 10 long years.
According to a Twitter poll crafted by former U.S. Rep. Ron Paul, bitcoin and gold are the top choices, with the leading cryptocurrency having overtaken the precious metal as the investment of choice with more than 55% of the vote. Gold, which earlier in the day was leading, puts up a good showing at 37%. The rest of the votes were spread across the 10-year U.S. Treasury bond, which is yielding less than 2%, and Federal Reserve notes at 6% and 2%, respectively.
Before bitcoin took the lead, Paul’s followers sharpened their knives against gold investors on the Twitter thread, showing a clear preference for crypto.
Ron Paul, who is against the Federal Reserve, is a perfect fit in the crypto community and was recently welcomed with open arms at the Litecoin Summit in Las Vegas. He wants to “eliminate the whole concept of central banking” and is waiting for the day that the government’s “monopoly control over money” comes to a screeching halt:
“The least the amount of government the best,” said Paul.
As if on cue, Grayscale Investments recently launched its second Grayscale Bitcoin Trust (GBTC) commercial for its “Drop Gold” campaign. Grayscale’s media campaign may take aim at gold, but the mainstream financial media has been taking its shots at bitcoin. Bloomberg in a report cites a Texas academic who claims “a lone whale was behind bitcoin manipulation in 2017.” These are the same researchers who suggested “Tether was used to prop up the price following dips” during bitcoin’s 2017 bull run. If they were looking to trigger the crypto community, it worked.
eToro Senior Analyst Mati Greenspan was among those who came out swinging, debunking the academic’s theory and saying in today’s note:
“Not Likely That BTC Whale Fueled 2017 Price Surge: The more likely narrative of what fueled the price surge was the unabashed enthusiasm of tens of millions of people around the world surrounding the emerging industry of cryptocurrency, not the result of a single whale.”
The rivalry between bitcoin and gold has been raging this year after the leading cryptocurrency’s returns have dwarfed those of the precious metal at nearly 150% and 17%, respectively.
We asked Ron Paul which asset class he voted for in the poll but haven’t received a response just yet.
Last modified: March 4, 2021 2:41 PM