• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
Breaking News: Breaking: CoWSwap Loses $150,000 In Exploit
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Breaking: CoWSwap Loses $150,000 In Exploit
bitcoin crypto woo

Space Holds The Key to The Bitcoin (BTC) Moon Mission: Flipping Gold

Tony Spilotro by Tony Spilotro
4 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 4 mins read
Advertisement

Space might be the final frontier, but it also might end up being the final showdown between crypto asset Bitcoin and the precious metal and chemical element known as gold. In a wild story that sounds like it was ripped from the pages of science fiction novels, NASA is planning a space mission to an asteroid comprised of previous metals – such as gold – to conduct extensive scientific research that could uncover the viability of mining the astroid for the supposed over $10 quadrillion worth it contains.

While such an event is many years away, if asteroid mining companies are able to tap into the golden goose of a rock, it could considerably throw off the supply of gold, rendering it virtually worthless. Such an event would also propel Bitcoin significantly, and really highlight the importance of its hard-coded digital scarcity compared to the perceived scarcity of its physical counterpart.

NASA Plans 2022 Mission to Explore Gold-Filled Asteroid Psyche 16

The National Aeronautics and Space Administration is planning a “mission to a metal world,” when it visits an asteroid called Psyche 16 said to be comprised of $10 quadrillion worth of precious metals including gold.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

NASA’s motives are purely for exploration, as they intend to “determine whether Psyche is a core, or if it is unmelted material,” among other scientific research goals. However, the powerhouses of the mining industry that control most of the gold that’s brought to market, would be eager to travel to space and back to further grow their market dominance and control the supply.

Related Reading | Crypto Pundit Peter Schiff Says Gold Is In Early Bull Market, But Bitcoin Is a Sucker’s Rally 

Such a thing would still be many years away, as the launch of such a mission would begin in 2022 barring any major delays, take an estimated 2.5 years to reach the golden goose asteroid, and at least a year or two to conduct research. That research would need to be assimilated, and mining companies would need to understand exactly how much of the precious metals could be extracted before venturing into outer space.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Tapping Asteroid Would Cripple Gold Value, Take Bitcoin Price to Final Frontier

The amount the asteroid could potentially contain worth of metals like iron, nickel, gold, and palladium – some more valuable than others here on Earth – is said to be enough to make every human on Earth a billionaire, but that’s just not how basic supply and demand economics works. Based on current gold prices, maybe. But tapping into such an asteroid could potentially be catastrophic for the price of gold – but equally as beneficial for Bitcoin.

Each year, gold miners bring to market between 4-5 million ounces of gold, or between $5.6 and $7 billion dollars, to the market. It takes as much as $210 billion – the entire current market cap of Bitcoin – to move gold just 3%, so the addition of only a few billion dollars doesn’t hinder the asset’s value increasing.

The day the gold bugs will learn the value of scarcity… and that's why Bitcoin should be in everyone's portfolio.https://t.co/6LpwxtHHuW pic.twitter.com/y5dCX2O8aT

— WhalePanda (@WhalePanda) June 28, 2019

Given that gold’s market cap is $7.5 trillion, the sudden realization that over $10 quadrillion more of the supposedly scarce asset being out there, just waiting to be tapped into, could essentially render all the gold on Earth worthless. Bringing such a supply here on Earth would also destroy the price of gold in a near instant due to supply and demand economics.

Any asset – gold, Bitcoin, crypto or otherwise – is always worth what others are willing to pay for it. Gold is at $1,400 per ounce, and offers so few benefits over its digital counterpart in Bitcoin. Bitcoin is digital, can be sent anywhere in the world, and is coded to be hard-capped so the supply cannot increase – not even if we start exploring the farthest reaches of the universe.

Related Reading | Flipping Gold is “Inevitable” In Digital Age, Would Take Bitcoin Price to $350,000

Once the entire world learns that the gold they hold due to how scarce and rare it was, isn’t actually so and that there’s a seemingly endless supply just outside of arms reach, it could cause waves of capital to flow into Bitcoin – an asset that actually has scarcity built directly into its source code.

While this is many years away, it might finally cause a dramatic shift of gold capital outpouring into Bitcoin that eventually flips its market cap, becomes the global currency, and all the other things that the crypto asset can potentially be.

Tags: bitcoincryptogoldminingnasaPsyche 16
Tweet123Share292ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

Related Posts

crypto

This Little-Known Crypto Erupts 1,300% In Last 24 Hours – Find Out Here

3 hours ago
Bitcoin Whale

Cardano Whales Record Most Active Week In 9 Months, Bullish?

5 hours ago
bitcoin uk, bitcoin gaming, bitcoin funds

The 5 Best Crypto Coins for Gaming

7 hours ago
Visionary Crypto Entrepreneur is working on the World’s First Auto-Rebasing Layer 1 Blockchain

Visionary Crypto Entrepreneur is working on the World’s First Auto-Rebasing Layer 1 Blockchain

7 hours ago
Baby Doge

Baby Doge Coin Grows 124% In Last 7 Days – Is This The Next Big Thing In Crypto?

11 hours ago
Bitcoin

Half Of All Bitcoin Unmoved In 2 Years: What Does This Mean For The BTC Price?

23 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.