The Bitcoin phenomenon continues. Apparently Ron Paul has stated it could “destroy the dollar.” I don’t put too much credibility into media reported. You’d think a quote, by definition, is exactly what someone said. Not so with the media. They have an amazing ability to make up quotes.
Regardless of what Ron Paul said or did not say, there are other out there who definitely do believe Bitcoin will destroy the dollar. They are all wrong.
Don’t misunderstand me. Ron Paul has a lot to offer in the way of ideas and perspective, but he goes a little too far with his ideas on money, especially money vs. gold.
But this isn’t gold
Did I say money vs. gold? I almost forgot, we aren’t talking about gold right now. We are talking about Bitcoin.
And herein lies Bitcoins ultimate downfall…it’s Achilles heel. Of all parallels, the closest you can draw is that of Bitcoin to gold. Bitcoin must be mined. It’s supply is limited. It is a globally recognized commodity. Etc. Etc.
Best of all, proponents say, Bitcoin doesn’t weigh anything. You don’t have to lug it around like you would with gold. Alas, that is the Achilles heel. Ultimately gold has value because of its physical properties. You take away those physical properties and you are left with…nothing. You want to try to decorate Versailles with Bitcoins?