Those who have invested Bitcoin worth $ 1 ten years ago could now buy a luxury yacht. those who have invested the same amount in gold would now Enough money to buy Snickers chocolate.
Willy Woo, a well-known analyst the cryptocurrency industry recently posted a graphic on Twitter as Compare the performance of Bitcoin (BTC) and that of gold in the past decade.
If someone had only invested $ 1 in BTC in October 2009 when Bitcoin first got a market price, today it would have been $ 12.8 million. The same investment in gold It would have generated a profit of only $ 1.66.
I have created a new table for gold lawyers. A dollar invested more than 10.7 years ago … that would be its current value:
Bitcoin: $ 12.8 million (a luxury yacht)
Gold: $ 1.66 (a Snickers bar)
– Willy Woo (@woonomic) June 9, 2020
“I humbly dedicate this graphic to Peter Schiff in honor of his tireless advertising of Bitcoin to his audience with gold bugs,” Woo later commented.
Schiff is a well-known opponent of cryptocurrencies. In March, he said that during the financial crisis caused by the COVID-19 epidemic Only the stupid would choose to invest in Bitcoin.
Peter Schiff replied to the message on Woo:
“If you’ve invested $ 12.8 million in Bitcoin today, you should be lucky in 10.7 years if you can still afford a Snickers bar.”
Is Gold Really A Good Investment?
For the past forty years Gold has proven to be a fairly disappointing investment. Without inflation, The gold price peaked at around $ 2,200 in 1980 and currently stands at $ 1,713.
Hence anyone who bought an ounce of gold in February 1980 Now he would have $ 500 less.
Gold price with inflation adjustments. Source: Macrotrends.com
It’s time to wonder if cryptocurrency investors are marking this BTC as “digital gold” You could find a better metaphor. If the precious metals market somehow became a good investment Gold lovers could start calling it the “physical cryptocurrency”.