Cryptocurrency

Winklevoss twins to worry about Gold devaluation through Space Mining

When it comes to the question of a good Store of Value (store of value), Gold has for thousands of years the only choice. Due to its natural scarcity of the precious metal is ideal to keep in the long term its value. That is why it is for investors in times of crisis, very popular, in order to protect against uncertainty in the financial markets and, for example, increased Inflation. Just in the course of the corona crisis, these features are again more in demand than ever. This is shown not least by the fact that Gold is since the beginning of the year about 28% in the Plus. However, in recent years, the precious metal gets competition from his digital counterparties: Bitcoin.

Also, if Bitcoin is currently being used less as a Store of Value and more as an object of speculation, met the BTC in the theory of the properties to be in the long term, to the Gold of the Internet or generally to digital Gold. Just in the Wake of globalization and digitalization of BTC has clearly the nose in front, Gold run, probably not possible in the distant future the rank. One thing that could accelerate this development in the so-called “Space Mining”. Thus, the removal of raw materials on asteroids could then transport back to earth. It is precisely on this aspect in the race “Bitcoin vs. Gold”, we want to explain in this article based on an interview of the well-known Winklevoss twins. A lot of fun!

Winklevoss twins believe in Elon Musk

The Interview is a conversation between the Crypto-range of well-known Winklevoss twins, Cameron and Tyler, and Dave Portnoy, founder of Barstool Sports. The Winklevoss twins are in Crypto to have the area known to 1% of the total in circulation Bitcoins in your possession and to have the Crypto-Exchange Gemini founded. The two had followed the invitation of Portnoy, to explain to him on the occasion of the BTC and to help him with his Investment.

During this interview, the entrepreneurs, the Winklevoss twins is an interesting Thesis, which is why Bitcoin should be a better Investment than Gold. The reason for this is the so-called “Space Mining”, the removal of raw materials on asteroids in space, which are then transported back to earth is. Tyler and Cameron Winklevoss believe that, for example, Elon Musk could-in the not too distant future with his company SpaceX to ensure that this project becomes a reality.

It’s billions of dollars of Gold in asteroids float so to this planet. And Elon is there to rise up and with the gold mining start. And it will fall from the sky.

Trade on the worlds leading Social Trading platform!

Join the millions of people who have already discovered how it smarter to invest by copying the best investors in our Community, or be copied and as a result, a second income can be achieved. Start now!

Bitcoin top and Gold flop?

The Problem for Gold arises, if the twins were right, in that the on the earth’s available supply of Gold would rise massively. This of course would have the consequence that the price of Gold would collapse. So the Thesis of the Winklevoss would occur‘ that Bitcoin is a better Investment than Gold. However, how likely this thought is a construct at all?

The theory is that Space Mining will make to the value retention characteristic of Gold is broken, and so the rise of Bitcoin accelerates, initially seems a bit far-fetched. From the current point of view, the it is also. Nevertheless, you should make clear that the progress of the technical development seems to be getting faster.

In terms of Gold, the fact that 66% of the world’s gold stock due to better technology were mined after 1950. Also, the space made in may of the next step, as SpaceX with the Falcon 9 for the first time as a private space company astronaut into space shot.

In spite of the acceleration of developments that could ensure that Bitcoin will replace Gold because of Space Mining is not expected in the near future that this theory occurs. This is not only because of that, it will be possible to operate Space Mining to. Much more the question of whether performing from a financial point of view, would be at all profitable in such a case, rather. For the First Crypto must hope Fans on other factors, the Bitcoin, more and more of the market capitalization of Gold to unlock it.

Would you like to place you in Bitcoin to market in time?

On the award-winning and award-winning platform from eToro you can do this! In particular, for beginners, the platform provides one of the best User experiences in the world. In addition, you can not only rising but also falling share prices!

Just try it out and get in, instead of just reading!

75 % of private CFD accounts lose money. No EU investor protection.

(Image Source: Shutterstock)

The comments in this article do not represent any trading recommendations or investment advice.

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

Do NOT follow this link or you will be banned from the site!