Gold’s Funeral March?

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That wily sage, Adam Back, CEO of Blockstream and one of the select few who communed with the enigmatic Satoshi Nakamoto, has lobbed a grenade into the rarefied world of high finance. His prognosis? Gold, that venerable store of value, might be poised for a spectacular crash, while Bitcoin, that impish upstart, is ready to supplant it. 🤯

This hullabaloo follows the rediscovery of Psyche 16, an asteroid rumored to harbor a veritable El Dorado of gold, valued at a staggering $700 quintillion. One can almost hear the sound of goldbugs quaking in their boots. Meanwhile, that enfant terrible, Elon Musk, has thrown his considerable weight behind Bitcoin, sending the market into paroxysms of excitement. 🚀

The Asteroid of Damocles

Psyche 16, that celestial body orbiting between Mars and Jupiter, is said to contain enough gold to render every mortal on this fair earth a billionaire. Alas, such a surfeit of riches could inundate the market, sending gold prices plummeting. Ah, the humanity! 😱

Samson Mow, that perspicacious CEO of JAN3, took to social media to underscore the obvious: Bitcoin, with its supply capped at 21 million coins, remains impervious to the vicissitudes of inflation or market dilution. He also reminded the faithful that Bitcoin’s issuance is halved every four years, a process known as halving. The most recent halving, which occurred on April 20, 2024, reduced mining rewards from 6.25 BTC to 3.125 BTC. One can almost hear the sound of Bitcoin enthusiasts rejoicing. 🎉

There is zero #Bitcoin on Psyche 16.

— Samson Mow (@Excellion) July 6, 2025

Adam Back, that wily veteran, responded to Mow’s post, opining that a gold surplus of such magnitude would likely precipitate a price crash. In contrast, Bitcoin’s transparent and fixed supply model strengthens its position as a reliable store of value. Ah, the sweet taste of vindication! 🤤

Musk’s Fiat Fiasco

Elon Musk, that enfant terrible, recently electrified the crypto community with his endorsement of Bitcoin. Responding to queries about his proposed “America Party,” aimed at curbing U.S. debt after Trump’s “Big Beautiful Bill” raised the debt ceiling by trillions, Musk excoriated fiat currency, declaring, “Fiat is hopeless, so yes.” One can almost hear the sound of central bankers quaking in their boots. 😂

The Battle for Supremacy

Gold, that venerable store of value, has long been regarded as a safe haven during uncertain times. Alas, its value depends on a controlled supply. With the specter of Psyche 16 looming large, that status could be challenged. 🤔

the world will be watching with bated breath. 🤯

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2025-07-07 16:37