When the 'Bitcoin Bible' Prophecy Meets Soaring Silver: Is the Old Theory Still Valid?
A book published in 2018, "The Bitcoin Standard," argued that Bitcoin is a harder form of money than gold and that silver cannot serve as a reliable store of value due to its high supply elasticity—meaning production can quickly ramp up when prices rise, causing bubbles to burst, as seen in the Hunt brothers' case in the 1980s.
However, eight years later, silver has surged to a record $117 per ounce, driven by structural shifts. Unlike past speculative bubbles, today’s rally is fueled by industrial demand: over 60% of silver use now comes from sectors like solar panels, electric vehicles, and AI hardware. Supply has not kept pace; mining output has declined since 2016, and inventories are shrinking. New factors, such as China’s export restrictions on refined silver, have further tightened markets.
Bitcoin maximalists cite the book to defend their stance, arguing silver’s rise is temporary and that Bitcoin’s fixed supply makes it superior long-term. But current silver dynamics challenge earlier assumptions, highlighting a clash between old theories and new realities. As silver continues its rally, Bitcoin proponents await a narrative reversal.
比推01/28 14:14
