Those who invested $1 in Bitcoin Investor ten years ago could now buy a luxury yacht; those who invested the same amount in gold would now have enough money to buy a Snickers chocolate.
Willy Woo, a well-known analyst in the cryptomoney industry, recently posted a Twitter graph comparing Bitcoin (BTC) and gold performance over the last decade.
If someone had invested just $1 in BTC in October 2009, when Bitcoin first got a market price, they would have $12.8 million today. The same investment in gold would have generated a profit of only $1.66.
If you had invested $0.32 in Bitcoin in 2010, you would have your first million dollars today
I made a new chart for the defenders of gold. A dollar invested over 10.7 years ago… this would be its current value:
„I humbly dedicate this graphic to Peter Schiff in honor of his tireless promotion of Bitcoin to his gold bugs audience,“ Woo said later.
Schiff is a well-known opponent of cryptomonics. In March he declared that during the financial crisis caused by the COVID-19 epidemic, only fools would choose to invest in Bitcoin.
Bitcoin will replace gold, according to the CEO of a cryptanalysis company
Peter Schiff responded to the message in Woo:
„If you invested $12.8 million in Bitcoin today, in 10.7 years you should consider yourself lucky if you can still afford a Snickers bar.“
Is gold really a good investment?
Over the past forty years, gold has proven to be a rather disappointing investment. Excluding inflation, the price of gold peaked around $2,200 in 1980 and currently stands at $1,713 .
Therefore, anyone who bought an ounce of gold in February 1980 would now be $500 short.
Gold lovers continue to buy mining shares, while Bitcoiners keep their Bitcoins
Inflated-adjusted price of gold
It’s time to ask whether cryptomoney investors who label the BTC as „digital gold“ might find a better metaphor. If the precious metals market were somehow to become a good investment, gold aficionados might start calling it „physical cryptomonics.