Bitcoin…Is It The Reason Gold Has No Future, Or… Does It Make Gold’s Future Even More Important!

Posted By on November 30, 2013

Is Bitcoin the shining light of the future and Gold a buried relic of the past. It sure is looking more and more like that’s the case.  But, maybe not so fast, as there are new plans to create a Gold backed digital currency similar to Bitcoin. This should be interesting, we’ll keep you informed.

Governments of the world can now see the value in digital currency. The Canadian’s are working on a secret project called Mintchip, which we reviewed back on October 31, you can read it by clicking here, (The Canadian Mint Is Working On A New Digital Money Project Called ‘MintChip’, No It’s Not Ice Cream…It’s A New Form Of Digital Currency, Does BitCoin Ring A Bell?) and the U.S. just completed congrssional meetings concerning Bitcoins on November on 18, 2013. The committee hearing was titled  Beyond Silk Road: Potential Risks, Threats and Promises of Virtual Currencies,  and discussed virtual currencies and their future. At this hearing, held by Senator Tom Carper, Bitcoin and digital currencies were received generally in a favoritable light to the surprise of many people. They even stated that Bitcoin was a “legal means of exchange” and that “online payment systems, both centralized and decentralized, offer legitimate financial services”. This was confirmed by US officials including Peter Kadzik.  But…it was noted, however, that the Justice Department’s Criminal Division has seen an increased use of virtual currencies for illegal purposes such as drugs and other illicit areas. After the meeting, Bitcoins exploded in value from around the $500 level to where it is today, at $1123. We reviewed the Silk Road situation back on October 2, click here to read (The BitCoin Model ) and we explained its cryptic design in a review on October 04 , click here to read (The Big Question We’re Currently Asked About, Relates To The Silk Road Website…Yes, The One That Was Just Taken Down By The FBI…So What Exactly Is Tor, And How Did It Work Anonymously?)

Here is the Bitcoin value chart.

Since the government meeting two weeks ago, Gold has continued down in value, and looks like an orphaned dinosaur. In fact, Bitcoin looks like a rising star about to surpass Gold in value before year end. Does Gold have a future in the new digially run world? We think so, but Bitcoins will probably pass Gold, then we’ll have to watch it carefully!  Gravity might be Bitcoins biggest obsticle.

Sources: Wise Dog Research, Wikipedia, Bitcoincharts

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