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In a recent episode of the ‘What Bitcoin Did’ podcast, hosted by the “King of Bedford” Peter McCormack, Coin Metrics co-founder Nic Carter disclosed all the advantages that Bitcoin holds over commodities like gold.
Carter commented on the massive gold reserve that Russia has piled up in Moscow. He notes that the $130billion worth in gold stocked in the nation’s capital is Russia’s luck as it might not have been able to defend seizure of its asset as he switches the attention to Bitcoin (BTC). He said:
“The thing is that gold also has many problems. It’s hard to send, it’s not very transmissible, it’s hard to take physical delivery. Russia is kind of lucky in a sense. Their gold is in Russian vaults, in Moscow I believe. They’ve got like $130 billion worth of gold. That was the only thing the US couldn’t seize. The US is actually trying to figure out a system to stop anyone trading with them for the gold, but they still have the gold, for what its worth.
Most other central banks, their gold is held in New York or London, physically, because that’s where the gold markets are and they want the gold to be pretty liquid and market-available… So if they really offended the US or the international community, then even their gold would vanish in a second because it would be held with a custodian that’s in the UK or America.
Because gold is expensive to move and physically settle, it ends up getting concentrated in a handful of warehouses.”
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Carter then highlights the real value of Bitcoin when compared to any other asset:
“Bitcoin obviously is much more favorable in that it’s cheaper to do physical delivery, it’s easy to prove ownership to a third party, and so it’s easy to verify you have a certain quantity of it [for] cheap and effectively free.
The more this starts to occur and trust breaks down, the more we’re going to interrogate the qualities of gold and we’re going to be thinking to ourselves ‘wow, there’s a lot of sort of dynamics with gold that are a little inferior and a digital version, a digital commodity, improves on it really materially.’”
At time of writing, Bitcoin is moving hands at $40,699,91 according to CoinMarketCap, up almost 3% in the last 24 hours.