SpaceX & NASA To Explore Gold-Filled Asteroid: Where Do Investors Flee If The Main Safe Haven Becomes Worthless? – The Punch

Barstool Sports founder turned day trader Dave Portnoy has made a big splash in the world of finance in 2020. Hes called the Oracle of Omaha Warren Buffett washed up and set the crypto industry on fire when he bought his first Bitcoin. But unfortunately, hes already panic sold.

But Portnoy has already let the cat out of the bag on some important subjects. His 1.7 million Twitter followers now know what Bitcoin is, and thanks to his recent guests the Winklevoss twins, Cameron and Tyler, his followers also know how scarce the digital asset is compared to gold.

Finally, the public now knows that there are asteroids filled with gold floating around in space. Tesla and SpaceX founder Elon Musk plans to infiltrate and extract the precious metals from the floating space mass. Portnoy gawked at the claim, laughing it off as a joke. But the Winklevoss twins explain just how serious this is. Later Portnoy took to Twitter and confirmed the comment himself with Musk who concurred.

Yes, Theres An Asteroid Filled With Gold: SpaceX Next Mission

It sounds ridiculous, but it is entirely true: there are asteroids orbiting in space, filled with various rare earth metals like gold, silver, platinum, and others. Here on earth, these metals are considered assets due to their scarcity. In space, however, these metals are in abundance.

So what happens then, when someone like Elon Musk with the capability, creativity, and curiosity, partners with NASA on a mission to the metal-filled asteroid called Psyche. A press release from NASA reads:

The Psyche mission will journey to a unique metal-rich asteroid, also named Psyche, which orbits the Sun between Mars and Jupiter.

Musk and NASAs goal is to learn more about the planets nickel-iron core, but the glimmer of gold could be too alluring to pass up. The SpaceX mission will be visiting Psyche for the first time. This time the intent is to explore, but perhaps the next time is to extract.

Winklevoss Twins To Barstools Davey Day Trader: We Think Of Bitcoin As Internet Gold

As part of the segment of Davey Day Trader, the Winklevoss twins convinced Portnoy to buy Bitcoin, and he began raving about cryptocurrencies to his massive following on social media.

Eventually, Portnoy claims to have sold his Bitcoin holdings after a short drawdown, but it was made extremely clear to the masses that Bitcoin is an important asset for all investors to consider.

The assets 21 million BTC hard cap and digital scarcity was explained in detail, along with why and how it has become money over the course of its ten year history. Knowing exactly how many Bitcoin exist was said to be one of the cryptocurrencys most attractive attributes, making it far rarer and finite than gold.

Theres no telling how much gold is still ready to be mined in the Earth, and theres potentially trillions of gold floating around in space, ripe for the picking. If that gold makes its way back to Earth, golds scarcity goes immediately out the window.

The safe haven asset is no longer safe. Bitcoins existence in cyber space means outerspace poses almost no threat to the cryptocurrency. The only thing capable of taking it out, is an extreme solar flare causing electromagnetic shockwaves that knock out internet infrastructure and power grids completely.

But if that were ever to happen, investments would be the last thing anyone was worried about. The modern world would be in pure chaos without smartphones, social media, the internet, or computers. Still, the risk space poses against gold, and an archaic asset starting to show its age in the digital era has put a spotlight on Bitcoin recently.

Modern Day Gold Rush: Investors To FOMO Into Bitcoin As The Best Insurance Policy

Bitcoin is often called digital gold, because it shares many benefits with the precious metal. Where Bitcoin wins, is in its portability, durability, scarcity, and inability to be counterfeited. Bitcoin loses, however, in historic precedent. But thats all about to change.

Recently, the gold rush has spilled into digital assets. The market cap of commodity-backed gold tokens have been growing nearly as rapidly as gold prices have. But after setting a new all-time high, capital began to pour into cryptocurrencies.

Like precious metals, crypto assets like Bitcoin have a scarce supply, making them a great hedge against inflation and safe haven assets even better than gold or silver. The chart XAUBTC above shows just how far gold has fallen, priced in Bitcoin. Currently, a full ounce of gold trading against Bitcoin can only buy 0.17 BTC. Early in Bitcoins lifecycle, it took hundreds of BTC to afford an ounce of gold. But times have changed in just ten years.

As mentioned previously, gold extracted from space means the gold supply is no longer so scarce. And because theres only 21 million BTC, and the Bitcoin market cap is only $200 billion compared to $11 trillion in gold, Bitcoins growth will always be the fastest for the least amount of capital.

Investors who deeply look into the decentralized financial technology can clearly see how the asset could be set to appreciate in value significantly against other assets, especially the dollar with inflation coming.

Hedge funds have been moving gold holdings into Bitcoin, and major business firms have begun adding Bitcoin holdings to their reserve treasuries to prepare and hedge against inflation or the unknown.

One of those unknowns, lies in the final frontier: space. Thanks to SpaceXs mission to the precious metal-filled Psyche, the cat is already out of the bag, and golds status as a safe haven has already been damaged. The information is now out there that there could be far more gold coming than ever before.

This confirmation could be responsible for golds recent pullback, as investors have begun dumping the safe haven asset before any asteroid-mining begins.

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