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Crypto analyst and famous trader PlanB is addressing the manipulation of Bitcoin vs the one of gold. Check out the latest reports that have come out recently below.
PlanB just revealed one property of Bitcoin (BTC) that makes it harder to manipulate than gold.
Bitcoin vs. gold
In a new interview, the popular trader tells YouTuber Robert Breedlove that gold’s intrinsic properties make it difficult to physically collect.
He explained that vault and insurance costs can run about 1% of a gold collection’s value each year. More than that, he also made sure to explain the fact that expensive transportation fees can add to those costs.
He notes that Bitcoin does not have these disadvantages due to its hyper-portability.
“So gold has this very intrinsic thing where you’d rather have the paper gold than the physical gold. But Bitcoin doesn’t have that disadvantage that gold has. The delivery is easy. The delivery is fast. The delivery is cheap, and holding it is so superior to holding gold.”
He continued and explained this:
“But once it is illegal or made impossible to withdraw gold, then that opens the door to manipulation, because then it’s basically a fiat world, and it’s very comparable to 1971, when Nixon basically said, ‘Well from now on, you cannot withdraw the gold anymore.’”
PlanB also made sure to highlight the fact that he uses exchanges for selling and buying BTC. He said that he is definitely not using them for custody, explaining that there is a risk out there that traders at some could be prohibited by governments from physically withdrawing their BTC to their personal storage.
“Right now, that [hyper-portability] makes Bitcoin manipulation very hard versus gold manipulation which is very easy.”
Regarding BTC’s price today, at the moment of writing this article, BTC is trading in the red and the king coin is priced at $41,371.