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A new report by the World Gold Council shows that there is global demand for harder forms of money than fiat currencies. Such demand points to a bright future for Bitcoin given that it represents an even harder form of money than the precious metal.
A total of 61 percent of those surveyed in the report said that they trusted gold more than they did fiat currencies. Historically favoured for its somewhat limited supply, the only thing going for gold and not Bitcoin is time.
The recent World Gold Council report asked 18,000 individuals from around the world for their investment preferences. It shows that gold remains one of the most popular forms of investment globally. Savings accounts are by far the most popular, with life insurance next, and gold in third place.
64% of people who have invested in gold in the past – be that jewellery, bars and coins or ETFs – would definitely buy again in the future. Find out more in #Retailgoldinsights: https://t.co/cjwr9hmshI pic.twitter.com/jNSo6HP8oO
— World Gold Council (@GOLDCOUNCIL) November 13, 2019
Cryptocurrencies, like Bitcoin, remain way down the list in 10th position.
Although it is still much too early in the Bitcoin story to expect the masses to suddenly believe in it as a long-term store-of-value, the conclusions drawn by the WGC report show that there is a reasonably high level of distrust of fiat currency around the world.
A total of 61 percent of those asked said that they trusted the precious metal more than they did any national currency. Meanwhile, 67 percent said that they believed gold to be a good safeguard against inflation of currency instability.
Although the analogy between gold and Bitcoin has been repeated many times before, it still rings true. For the same reasons gold has historically made a better form of money than the paper money prevalent today, Bitcoin represents an even harder form of money still.
Gold found its use as a monetary unit thanks to its scarcity and how difficult it is to forge. However, recent scientific evidence suggests that gold is nowhere near as scarce as once thought. There are huge reserves of it within the earth itself, as well as out in space. Once mining or space exploration allows the tapping of these resources, the overall supply of gold will suddenly increase massively. It seems highly doubtful that its demand for jewellery making, so often highlighted by gold bugs as providing its “inherent value”, could absorb such a sudden growth of supply.
With Bitcoin, there will only be 21 million units and no more. This fact alone makes it a harder form of money than gold. Then there are its advantages when it comes to both storage and transportation. You don’t need a guarded vault to keep Bitcoin safe and it can travel the world very quickly.
The one thing that Bitcoin does lack when compared to gold is history. However, this could change quicker than many people think. If it’s to succeed as a digital form of gold, it won’t take thousands of it do it. Already, every child below the age of 10 has never known a world without Bitcoin. In another ten years, every individual under 20 will be in the same position. Bitcoin just needs to continue doing what it’s doing and it will naturally become more trusted. Meanwhile, constant examples of both the control banks wield over their customers and the often-reckless monetary policies of world governments will continue to ensure there is a demand for hard forms of money.
Related Reading: Peter Schiff Fires Back After Facebook Crypto Head Calls Bitcoin “Digital Gold”
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Following a recent council approval, Canadian City of Richmond Hill will be exploring providing crypto asset property tax payments. Helping to provide the service will be domestic digital currency platform, Coinberry.
The City of Richmond Hill is the second Canadian city to accept cryptocurrency for tax payments. Innisfil in Ontario was the first city to work with the trading platform and announced their own partnership in March of this year.
According to a press release from the Canadian trading platform Coinberry, the firm is in discussions with the City of Richmond Hill, Ontario, about providing a crypto asset payment processing solution. The aim is to allow residents and businesses to pay their property taxes using cryptocurrency.
The city council reportedly voted last week on whether to allow tax payments using crypto. It decided in favour of entering into an agreement with the trading platform operator.
Have you heard the news?
Residents of Richmond Hill will soon be able to pay property taxes using #Bitcoin!
Coinberry has today announced that following council approval, we will be providing Bitcoin payment solutions to the City of Richmond Hill!#crypto #future #blockchain pic.twitter.com/hHd5avTJCw
— Coinberry
(@CoinberryHQ) July 15, 2019
The news marks the second such municipal partnership secured by Coinberry in the firm’s home country.
The Deputy Mayor of the Canadian city, Joe Di Paola, commented on the decision to allow residents to pay taxes using crypto assets:
“We believe that the demand for a digital currency payment option is only going to grow in the coming years, especially amongst millennials.”
Paola went on to state that the council had observed Coinberry’s previous implementation of its taxation solution in the Town of Innisfil. Based on the lack of upfront cost and lack of risk to the council itself, the Deputy Mayor stated that the decision was not too tough.
The press release also states that the council and Coinberry are interested in feedback from municipal staff on how effective the launch of property tax payments is. They are considering implementing crypto asset payment options for other city charges and fees as well.
The CEO and co-founder of Coinberry, Andrei Poliakov, claimed he was excited about the firm’s second municipal partnership and that he was optimistic that authorities around the world were starting to see the innovative potential of blockchain technology and crypto assets:
“Leaders of government and enterprise organizations are realizing that, with the right partners, they can innovate with blockchain and digital currencies. We’re pleased to be working on additional innovative solutions with leading enterprise and municipal partners, and have a number of very exciting initiatives we will be announcing over the next several months.”
Although far from the norm, the two Ontario communities are not alone in their acceptance of Bitcoin for tax payments. Ohio reportedly became the first US state to allow for some business taxes to be paid for in Bitcoin last year. Overstock.com, an online retail company long-noted for its fondness of Bitcoin did just that this January. Other US states have mulled the idea but have not followed through based on a lack of understanding of the technology.
Related Reading: Leading Medical Charity Exploits Cryptocurrency Tax Status by Accepting Bitcoin and Others
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