Because all countries are competing in a race to the bottom. They are all printing money. Interest rates are at 0. People are losing their jobs, livelihoods, 410k and families due to the scamdemic. People are being subsidized but they are burying money in their mattress or their back yard. In order for inflation there has to be demand and ppl are holding it tightly with the prospect of NWO and Great Reset talk. Maybe not perfect but I think that's pretty close.
Yes. Also; theoretically stocks do too but they are back to overvalued. I have not checked gold but the rub could be the same if gold is already overvalued.
Precious metals are hilariously undervalued. Look at inflation/taxes over time vs precious metals prices over time. Big banks have, in recent history, also been caught manipulating the price of gold so that they're not uncovered as fraudsters peddling worthless paper bills.
Semi-related, crypto is overvalued. It has no inherent value and requires electricity AND a network to work, when the supposed "inherent value" is the electricity spent on the processing power required to mine a coin... ish.
Gold requires no infrastructure and is inherently valuable both for cosmetic/aesthetic reasons, scarcity, and practical applications (though admittedly most of those practical applications are in electronics.)
The main draw for crypto is that it has no minimum unit - no ounce, no cent - but the ridiculous cost of a single bitcoin means that unless you rode in as a miner in the early days or dumped a bunch of money into it before it got popular, you'd have a more reliable store of value buying AMAZON STOCK. The amazon stock would be CHEAPER too.
Some crypto nerd is probably going to respond to this with "but the divisibility means you don't have to have $20,000 to buy a single bitcoin" and the response to that is - fuck off. Seriously. If I can only buy 1/4000th of a single coin, and the price jumps up $4000, I didn't get $4000 in value, I got one dollar. For much more risk and hassle than a similarly priced stock.
-rant over, apologies pede, but I saw people below you likening crypto to gold and the comparison just isn't there.
Because all countries are competing in a race to the bottom. They are all printing money. Interest rates are at 0. People are losing their jobs, livelihoods, 410k and families due to the scamdemic. People are being subsidized but they are burying money in their mattress or their back yard. In order for inflation there has to be demand and ppl are holding it tightly with the prospect of NWO and Great Reset talk. Maybe not perfect but I think that's pretty close.
Just throwing this out there... Is this why/when people buy gold and precious metals in general?
Yes. Also; theoretically stocks do too but they are back to overvalued. I have not checked gold but the rub could be the same if gold is already overvalued.
Precious metals are hilariously undervalued. Look at inflation/taxes over time vs precious metals prices over time. Big banks have, in recent history, also been caught manipulating the price of gold so that they're not uncovered as fraudsters peddling worthless paper bills. Semi-related, crypto is overvalued. It has no inherent value and requires electricity AND a network to work, when the supposed "inherent value" is the electricity spent on the processing power required to mine a coin... ish.
Gold requires no infrastructure and is inherently valuable both for cosmetic/aesthetic reasons, scarcity, and practical applications (though admittedly most of those practical applications are in electronics.) The main draw for crypto is that it has no minimum unit - no ounce, no cent - but the ridiculous cost of a single bitcoin means that unless you rode in as a miner in the early days or dumped a bunch of money into it before it got popular, you'd have a more reliable store of value buying AMAZON STOCK. The amazon stock would be CHEAPER too.
Some crypto nerd is probably going to respond to this with "but the divisibility means you don't have to have $20,000 to buy a single bitcoin" and the response to that is - fuck off. Seriously. If I can only buy 1/4000th of a single coin, and the price jumps up $4000, I didn't get $4000 in value, I got one dollar. For much more risk and hassle than a similarly priced stock. -rant over, apologies pede, but I saw people below you likening crypto to gold and the comparison just isn't there.