Most people prefer Bitcoin over gold, according to a Twitter survey. The survey tweeted by former senator Ron Paul asked his followers to choose between bitcoin, gold, federal reserve notes and 10-year US Treasury bonds worth 10,000 dollars for 10 years. Out of the 70,513 people who responded, a whopping 54 percent have chosen bitcoin, while 36 percent chose Gold.
The survey asked people, "A wealthy person wants to gift you $10,000. You get to choose in which form you'll take the gift. But there's a catch: You must keep the gift in the form that you choose, and you can't touch it for 10 years.
In which form would you take the gift?" 54 percent of the respondents chose bitcoin, with 36 percent choosing gold, eight percent choosing US Treasury bonds and two percent going for Federal Reserve notes.
The former senator has been skeptical of bitcoin over the years calling gold "the ultimate anonymous currency". He recently expressed concerns over government interference in the cryptocurrency. “There is too much surveillance already on how the currencies are transferred, the reports have to be made by the exchanges to the IRS, If it is a really good deal and a good process rest assured the government will be looking at it very carefully,” said Dr. Ron Paul.
Growing popularity amid concerns.
The survey demonstrates the growing popularity of bitcoin, despite some experts being apprehensive about it. With bitcoin prices soaring over 14,000 dollars after hitting 11,700 dollars on Sunday, December 3rd, everyone wants to be a part of the bitcoin growth story. With several bitcoin mining guides available on the internet, more people have access to the knowledge and the technology.
Several online retailers accept bitcoin as a mode of payment, giving it legitimacy among consumers. Even financial markets have started taking an interest. According to reports, NASDAQ is planning to launch Bitcoin futures by 2018 with the Tokyo Stock exchange taking its first steps in that direction as well.
Unprecedented growth, wide public acceptance, and interest from major players in the financial market has brought trust in bitcoin among investors.
And despite threats of government crackdowns and market volatility, it is becoming an attractive investment that is hard to ignore.
Bitcoin over gold?
There are similarities and differences between bitcoin and gold. Both are sovereign, anonymous currencies that cannot be controlled by the government. Bitcoin was created less than 10 years ago, while gold has been a valuable commodity for centuries. Gold is widely considered to be a sound long-term investment, while experts are divided on bitcoin's future.
Bitcoin has yet to complete a decade while gold has proven its longevity through human history. It has been a huge year for bitcoin, but, it's still a long way to go before it can prove itself over time.
