Bitcoin Is Preferred Over Gold: Latest Texas Poll Results Revealed

According to the results of the latest poll initiated by the former Congressman of Texas show that Bitcoin is preferred over gold and other investment options so we are reading more about it in the bitcoin news now.

When it comes to investing, the people answered that they will likely HODL rather than purchase gold. Ron Paul, the ex-congressman from Texas, initiated a poll on Twitter asking people what they would invest in if someone gave them $10,000. The voters choose between 4 options including 10-year US treasury bond, Gold, Bitcoin, and Federal Reserve Notes.

At the time of writing, the Federal Reserve notes received the lowest number of votes with only 2 percent and the first choice for treasury bonds only got 7%. The battle for the first positions come between gold and Bitcoin- the cryptocurrency with the largest market capitalization. While gold represents about 33 percent of all votes, Bitcoin is ahead with 58 percent. even though the poll is not yet completed, there are more than 64,000 people who have voted already.

Since the poll asked about a 10-year investment, the results are showing that people would rather choose bitcoin to hold as a long-term option than any other investment option. over the past few years, these two assets have been compared millions of times. Many people have said that they share some similarities but most focused on them being a store of value. Bitcoin as even officially defined as a commodity that is the same category gold fits into.

Another comparison was made of both assets regarding the scarcity. Only a finite supply of gold exists in the world at the same time which is also true for Bitcoin. Yet, there are still some notable differences as well. While we do not know how much gold there is precisely, the protocol of Bitcoin clearly shows that there are only 21 million that will ever be in circulation which makes the first-ever scarce digital asset.

Further, the online currency can also be easily transformed online while Gold, since it is a physical asset, could present transportation and protection issues because of its weight in large quantities. This was among the top reasons by Bitcoin is preferred over gold. The total supply can be discussed from different perspectives and Bitcoin is programmed to spread in half the rewards given to the miners every four years in the process named Halving.

Basically, every time when the halving event happens, the speed of creating new bitcoins drops by 50 percent which means that in 12 years the speed will be 90 less than it is now.