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Asteroid mining could inflate Gold’s supply, making Bitcoin a better store of value



Asteroid mining could inflate Gold’s supply, making Bitcoin a better store of value | CryptoSlate

Asteroid mining could inflate Gold’s supply, making Bitcoin a better store of value

Gold is known as one of the best long-term wealth storing assets during economic crises because of its reliably rare supply, which makes it maintain its value without much depreciation. Only 2,600 tonnes of gold are mined per year expanding the above ground supply at a yearly rate of 1.6 percent. However, the introduction of asteroid mining could open the doors to an enormous supply of precious metals.

NASA estimates the total value of resources in asteroids could be worth quadrillions on Earth, which could bring to an end to gold as a store of value. As the world marches into the digital era, it may make it even more likely that Bitcoin, the decentralized digitally scarce cryptocurrency, becomes the world’s preferred store of value asset.

The Realm of Gold as a Store of Value

Of all minerals on Earth, gold seems to be one of the more useful ones. Its unique properties make it untarnishable, extremely malleable, one of the best electrical conductors, it alloys well with other metals, and is easy to work into wires or sheets. Gold is useful in a wide range of sectors—from applications ranging from electronics to aerospace, to medicine and dentistry. Yet, most gold still goes into jewelry and the vaults of central banks.

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Filed Under: Bitcoin, Research

Ali Martinez

After Ali began forex trading in 2012 In 2014, he came across Bitcoin’s whitepaper and was so fascinated by the idea of a decentralized, borderless, and censorship-resistant currency that he started buying Bitcoin. By 2015, he started traveling to spread the word about Bitcoin.

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Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

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