More Ron Paul Followers Prefer Bitcoin To Gold

zer0hedge (79) in bitcoin • 7 years ago (edited)

Content adapted from this Zerohedge.com article : Source

Former Texas Representative Ron Paul conducted an online survey on December 6, 2017, which showed that a majority of the respondents would choose a cash 'gift' in the form of the leading cryptocurrency Bitcoin if they could not get hold of it for 10 years.

Only 2% of the respondents opted to receive the gift in US dollars.

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?

— Ron Paul (@RonPaul) December 5, 2017

Results of the survey

As of press time, over 70,000 people have participated in the survey.Of the total polled, 54% claimed that they would opt to accept the money as Bitcoin, while 36% would take it as gold, and just 2% want it in dollars.

Eight percent of the respondents, meanwhile, claimed that they want to receive the money in a 10-year US Treasury bond.

In his response to Paul, entrepreneur Rodolfo Novak tweeted that he also favors Bitcoin as gold is no fun anymore:

"Bitcoin. Gold is no fun anymore."

Growing support for Bitcoin

The results of the survey showed that there are a growing number of people who are beginning to appreciate the number one cryptocurrency Bitcoin.

Paul, meanwhile, has become an ardent endorser of Bitcoin. In fact, he has advised consumers to invest their money in Bitcoin-based retirement investments, and told legislators to refrain from introducing heavy-handed virtual currency regulations.

His son, Rand Paul, is also famous for accepting Bitcoin donations for his political campaigns.

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7 years ago by zer0hedge (79)

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dedicatedguy (74) · 7 years ago (edited)

That 2% that said they preferred the dollars know nothing about Ron Paul. Choosing a fiat currency and its forced inflation wouldn’t be acceptable.

Gold would be a nice and secure option, as always.

Bitcoin would be the more risky and ambitious option. Because even if we believe blockchain is here to stay, there could be big changes and maybe bitcoin is just surpassed by another project in the future and left begin like it happens with companies. Nokia and BlackBerry are 2 great examples

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vimukthi (72) · 7 years ago

It was on twitter; not steemit. Twitter is crawling with idiots, commies, snowflakes, SJWs and overall vanity.

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taskmaster4450 (78) · 7 years ago

Of the three, it makes the most sense.

The dollar will be worth at least 20% less due to inflation in 10 years...gold spends a lot of time going nowhere.

Bitcoin, as McAfee said, isnt subject to the same financial laws that others are...since it is also a technology, bubbles are not part of its makeup.

There is so much press about bitcoin right now and the gold market is not giving much of a return that it is easy to see how many gold people will drift towards btc.

In the end, Paul's point is valid. Fiat is on its last legs.

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2 votes

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marculisse (43) · 7 years ago

I agree. But holding (sorry, hodling) a speculative asset that is slow and expensive for payments only for use it as money creates a really great ris because of BTC's high volatility.
Consider also that bitcoin too risks to be not eternal. If network would frozen and transactions would move to Litecoin and other alt, Bitcoin fundamental value (that is the base of every market) should fall near to zero.. And so, great rally will be really really harder to sustain. Expectations will move to other crypto. Yes, at the moment Bitcoin has the brand and the first-mover advantage.. But this isn't an unstoppable advantage.
So in my opinion bitcoin is really an high-risk asset.

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marculisse (43) · 7 years ago

Very interesting data.
Is really noticeable that these is a so small trust in traditional money.. In the country witch owns the world currency reserve and so can dump its inflation on othe countries.
You see an economic system in troubles when crisis arrives into his center.
Personally I don't believe bitcoin is ready to substituite fiat money (over 100-300 million transations for day vs a tecnology that cannot handle more than 400.000 payments in one day, great vs small acceptation, too high volatility of BTC) but those data underline the enormous lack of trust in traditional monetary insitutions that have failed all its official goals: ensure market stability, fiscal redistribution, customer protection, and an enormous amount of other basical tasks..

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sangeeta (60) · 7 years ago

it will take time but nothing is impossible here.That's no easy feat. If bitcoin scales, Institutional money is coming and the newer generation will prefer bitcoin over gold.

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alishannoor (64) · 7 years ago

ya the bitcoin must be preferred on gold because bitcoin is having a very bright future and now ts available to exchange in some ATMS machine i have hear that soon it will be exchange in the ATMS maybe ts started not sure but it will be so exciting

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dobartim (83) · 7 years ago

I'm looking forward to seeing such statistics. in a short time the statistics will be very different - everyone will want to own Bitcoin.
Period of 10 years, it's just not interesting to me, I honestly like to spend money, I need to be young and have to live, invest, etc. Thank you for the great story - it's certainly a pleasure - Good morning @zer0hedge

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g-dubs (71) · 7 years ago

Surprising... thought the Ron Paul crowd would still favor gold.
My question, why not both?

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adviceful (36) · 7 years ago (edited)

Well, the poll (conducted on Twitter) gave four options, namely Bitcoin(54%), Gold(36%), 10-year U.S. Treasury Bonds (8%) and Federal Reserve Notes (meaning Dollars) (2%). It can be assumed that the majority of Ron Paul's twitters followers are (or at least lean) Libertarian (who have a varying degree of distaste towards the Federal Reserve). Treasury Bonds and Gold are absolutely the safest bets from a historical standpoint.

Think about it this way, $10,000 basically fell from the sky and the only requirement to keep it is to invest it in one of those four things. If you wanted to take a real gamble for some serious dough in ten years (with basically zero risk since you lose nothing you had before the money appeared), investing it in Bitcoin (around 0.6btc) will potentially be worth upwards of a million dollars according to some speculators.

I'm sure if they could split the investment in multiple parts most would, but that is much too complicated for a simple Twitter poll.

Regardless, how would you handle it if given the opportunity?

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gadgetguruhd (30) · 7 years ago

I agree. It was clearly because the poll was taken on Twitter. Also, I wouldn't be surprised if people would've taken 70% in BTC and 30% in gold. The survey didn't give an option to diversify.