Bitcoin has 'considerable' upside as it better competes with gold as alternative currency, JPMorgan says - More people are starting to realize this; the deeper your understanding of Bitcoin, the more you see how it has nearly every competitive advantage over gold. Even a lot of the well-known gold bugs are starting to buy Bitcoin. Just not Peter Schiff - I really can't understand his thought process to be honest.
In an earlier article I wrote: My Top 10 Reasons To Be Forever Bullish On Bitcoin
"As our economy continues to move onto the internet, so will the currency. Each day our lives are based around the internet in some way shape or form. This will only increase with time and advancements in technology. Bitcoin is compatible with AI, robots & drones. In a digital age, it seems ridiculously impractical to buy gold as a hedge to hyperinflation, now that Bitcoin is here. Basically the only benefit gold has, it's shiny and fun to look at i.e jewellery & gold bars. Yes it has a history of value spanning thousands of years, but does that really count when there's something that clearly competes with it's value on so many levels.
Bitcoin has an immense amount of intrinsic value. You get all the benefits of gold, plus a tonne more. Bitcoin is gold 2.0. Say you need to flee your country because your government is corrupt. You sell your house and put all your savings into gold. This is extremely risky - it is impossible to properly conceal & secure. Like gold, Bitcoin has a entire network of people who place value on it. Value is in the eye of the beholder. Bitcoin is noticeably better than gold because; It is easily transferable, infinitely divisible, more fungible (Who accepts gold as payment & Bitcoin is much easier to verify as genuine), it cannot be seized & can be easily secured. I can walk through airport security with 12 words memorized in my head & then open up a wallet, transfer the funds to an exchange or pay someone directly, then continue living. No one can stop you."
As Bitcoin's privacy tech increases with CoinJoin/Lightning & soon more default implementations like Taproot & Schnorr; Bitcoin's individual digital coins (UTXO - Unspent Transaction Outputs) will only become more indistinguishable & in turn more fungible. A lot of people will argue Monero is more fungible. I think Monero will run into some serious scaling issues. If they want to overcome this, there has to be massive security trade-offs. The Lightning Network is a good balance of everything - speed, privacy, scalability, low fees etc; plus it sits on top of the most secure network - Bitcoin.
On a side note: Bitcoin on-chain is gold; slow (this is a feature, not a bug), robust, immutable etc. Lightning is the currency & commerce layer; in my opinion will no doubt make Visa/PayPal look like dinosaurs one day. Visa can do 50k transactions per second, Lightning can already theoretically process in the millions, however the network is still in very early stages. Imagine one day - the ability to stream your wage by the second; earning per second off your streamed content - In Bitcoin. Micro-payments are going to be massive in the future.
Also, this is another massive consideration:
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