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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

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

Tony "The Bull" Severino
Tony "The Bull" Severino
6 years ago
4 mins read
bitcoin crypto woo

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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.

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.

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.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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