VS GOLD
Bitcoin transcends just being an asset – it’s a network and protocol: decentralized, permissionless, global, immutable, scarce, auditable, instantly transferrable, not seizable, highly divisible. Gold has a half-life of 30 years, whereas bitcoin has a half-life of forever. As Michael likes to say, everything that gold can’t do, the crypto can. Your mother could authenticate a bitcoin transaction instantly from her smartphone – it’s empowering billions of people and built right into Square and PayPal, allowing for transactions at the speed of light and looking to accelerate global commerce in the 21st century. But Frank contends that bitcoin’s yet unproven as a payment method – it’s too You can’t build a computer without silicon. You can’t construct a skyscraper without steel. You’re not going to survive if you don’t pick the right element. Crypto is the steel of the 21st-century economy. He claims gold is an ideal ornamental metal – indestructible, malleable, pretty. But that doesn’t make it the perfect monetary asset. You can inflate it, counterfeit it, and it’s immobile. (Have you tried lifting gold bars before?) " Gold is not designed to moonshot through the roof like tech, darling. " FRANK GIUSTRA
GOLD OPEN Frank finds the all-or-nothing, zero-sum ideology of the gold and bitcoin camps disheartening, as he thinks the two sides agree on 90% of everything – but fall apart when it concerns which is better. He claims this divisiveness is indicative of the ultra-polarized cultural and political discourse that’s become the baseline for America in 2021. That said, he’s not moving an inch on his argument. In his words, gold is eternal (echoing Michael’s GODcoin position) – what once adorned Cleopatra’s clavicle could now be the jangly golden necklace you’re wearing. Gold is a time machine with touchpoints throughout human history. It’s inextricably linked to the international cultural fabric and the global monetary system. Its stability as a store of value is vital in managing the central bank reserve currencies and providing protection against other fiat currencies. Central banks own 33,000 tons of gold, 20% of all the gold ever mined, and they’re furiously buying it every year – the same isn’t true for bitcoin. Gold is not designed to moonshot through the roof like some tech, darling. Its purpose is a store of value against inflation, the devaluation of currencies, and sharp equity downturns. When asked about what makes bitcoin the better asset, Saylor got elemental, as he’s apt to do...
American Consequences
19
Made with FlippingBook - professional solution for displaying marketing and sales documents online