BCA Crypto, Volume 2: Is Bitcoin Really That Different From Gold?

26 Apr 2023

by Juan Manuel Correa, Chief Strategist Artem Sakhbiev, FX Strategist

In this volume of BCA Crypto we compare gold against bitcoin. We begin by dispelling some common misconceptions that investors have about gold, and why, at its core, gold is driven more by belief than by intrinsic value. We then proceed to explain why gold still serves an important role in our economy and how it differs from fiat money. Later, we explain how bitcoin is different from other cryptocurrencies, and why it could rival gold as a reserve asset in the future. Finally, we discuss the outlook for bitcoin, as well as which macro factors investor should watch.

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Contents

Executive Summary / Insight
Intrinsic Value, Inflation Hedging, And Other Golden Myths
The Lessons of King Midas And Warren Buffet
The Importance Of Trust (And Why People Don’t Care That Gold Is Sort Of A Ponzi Scheme)
You’d Rather Be A Religion Than An Investment If You Are Trying To Replace Gold
A Crypto Constitutional Crisis And How Bitcoin Is Different
The Effects Of Screen Time, A Banking Crisis, And Why Putin Might Be Turning Into A Bitcoin Bro
The Outlook For Bitcoin
Footnotes