In what ways do the historical narratives and cultural perceptions surrounding gold as a traditional store of value intersect with the emerging narrative and evolving cultural perception of Bitcoin as a digital store of value, and how might these intersections shape the future landscape of global wealth preservation?
Thank you for sharing your insights and perspectives!
Comparison has always been clumsy, it shares some charactericts loosely similar to gold, as it shares them with fiat money. Yet gold is the best real world comparison we got, until bitcoin becomes self explationary.
Gold is store of value, because it's scarse, it was able to be used for many things, with just basic tools. These days other materials have mostly replaced it, but it has stayed as a symbol, and still can be used for extraoridinary things without complex tools. It's hard to use for replacing fiat money, as price of it would grow and people would rather hold it and buy more of it later, if ever, as the value woul keep on growing.
Economy wouldn't work without transactions and there's a same problem with bitcoin as a money. People rather hold it then use it for services, as it's scarce and who know what value it has in 10 years.
Bitcoin has however designed to be digital cash. Cash was bound to gold as well, but soon governments saw the problem with it. Without ability to control it. It wouldn't benefit any government. In fact it could be used against it. Governments could literally be bought and there was no buffer on it to deal with volatility or crisis. Also when people rather store money then invest it or use it, economies aren't rising.