. @QTRResearch
Enjoyed your Bitcoin vs. gold debate with @PeterSchiff and @LawrenceLepard Thanks for organizing that.
What gold bugs like Schiff don’t realize is that gold is not going to remain scarce for much longer.
Nanoscience is developing at breakneck speed. We are getting shockingly good at manipulating the building blocks of our world - molecules and atoms.
Within 5 years (maybe much sooner), you *will* see a news story about a scientist you’ve never heard of in an obscure lab somewhere, who created a bit of gold from some other material.
And, that’s the signal it’s over for gold.
At first, the process will be prohibitively expensive and extremely difficult, but once that first person does it, we know how the story plays out.
It then becomes simply an engineering problem, which will inevitably take it from difficult and expensive, to easy and cheap within a few years.
What happens to gold as a 5,000 year-old store of value when it’s a common industrial process to create an ounce of gold for a few dollars?
And, what I’m describing *will* happen. The science is already very close. It’s not a question of if. It’s only a question of when.
We’re already living in a world where software’s been “eating” the value of everything in its purview.
Next up, material science is going to do the same thing to the physical world.
Much of what we’ve thought of as valuable and rare, will become cheap and common. Things are about to get crazy.
Will Bitcoin survive all this as a store of value? No idea. Maybe nothing will.
But, I can imagine a world in the near future where Bitcoin may be one of the *only* things left that has true scarcity.
I’m betting on that scarcity being valuable.
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