Bitcoin Vs gold: "It's not even comparable," says analyst

13 Jun, 2019
by Will Heasman
Bitcoin
Bitcoin Vs gold: It's not even comparable, says analyst

Gold and Bitcoin are forever being compared to one another, and perhaps for good reason, both offer a store of value, within an asset which is speculative and are both used as a safe haven. However, for E.B Tucker, Senior Analyst of Strategic Investor and Strategic Trader at Casey Research, gold and Bitcoin aren’t even comparable…

Within a recent interview with Kitco news, Tucker spoke on the differences between gold and Bitcoin, responding to a statement suggesting that Bitcoin’s returns far surpass that of gold by relaying that it comes down to the investor's mindset:

“We’ll we’re humble peasants we're not buying Bugatti’s and putting HODL on the front, and blocking traffic lanes … it’s a very different mindset to own gold, this is something that’s been around for thousands of years.”

Seemingly only barely restraining the green-eyed monster within, Tucker continues on to explain that, in his view, Bitcoin and gold are dissimilar:

It’s not even a question. It’s walking versus air travel. It’s not even comparable.”

Tucker then alludes to an economic downturn, suggesting that this will be the true test of each assets worth:

“To me, it's not something that is comparable and what will happen is as we go through this great reset that’s coming you’ll see what has staying power.”

Slightly confusing market cap with total supply, Tucker explains why he believes Bitcoin is not as functional as gold.    

 With Bitcoin what people don’t realize is there is only about $160-$150 billion dollars worth of Bitcoin available - in the total supply, while gold is an $8 trillion, people say “well that’s less bitcoin that’s better” well not really, You see asset managers and people have to move funds in and out of these assets. [Bitcoin] is not a functional space to store money.”

Interestingly and completely in contrast to Tucker's estimation, Bitcoin is often seen as trumping gold in many of its functions as a store of value, with its portability, divisibility, fungible nature and counterfeit resistance its perhaps fair to say that Bitcoin isn’t comparable to gold, but instead just better overall…

What do you think? Are you in favor of gold or bitcoin? Let us know in the comments below! 

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Read more about: Gold Bitcoin (BTC)

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