If I didn't have a fair degree of patience, I would have never made a dime on Bitcoin. Also some confidence in my analysis of things.
If all I had to my name were Bitcoin I'd hardly sleep at night.
As for gold, I've been in it pretty heavy since the early 2000's. Not long after it started on it's ascent. This means that I'm way ahead in spite of the slump, and also that I've had to sit through other slumps which have all been about the same in terms of people losing confidence/patience and bailing out. I never once considered selling any of my hoard on any of those slumps, and nothing has changed on this one. Just the opposite in fact.
Really? Nothing has changed? Granted, it's early in the crypto-game, but it's an enormous change.
The case for gold post-1971 has been dubious and based on historical inertia. Obviously people want a "safe" inflation-hedge as part of their portfolio, and gold was the go-to for a lot of people, but again, mostly based on inertia and lack of alternatives.
At least for people like me, I only ever grudgingly thought of gold as a decent place to park capital. It has no yield, no guaranteed convertibility anymore, no real direct usability as money for decades if not a century or two... Historical inertia isn't an easy justification to invest on.
Enter bitcoin. Now we have all the properties of gold, with functionality as effective money for our current times added in. Well, that's a proposition I can get behind without many intellectual leaps of faith. I think there are probably a lot of people who think like this. Instead of grudgingly accepting gold as an inflation-hedge investment, we can enthusiastically accept bitcoin.
That's a huge change.
Granted, bitcoin has only barely (if at all, really) been tested, but the intellectual difference in core justification as to where the ROI should come from is enormous. If and when bitcoin has some stability behind it, the case for gold will be pretty weak. They ARE substitutes, and outside of historical-inertia, bitcoin is superior.
