Arthur Hayes is a rich man who started a company to help people trade digital money called Bitcoin. He thinks that Bitcoin is better than gold, which is another thing some people use to keep their money safe when they are scared of losing it. He believes this because he thinks technology makes Bitcoin stronger and more useful than gold. Read from source...

- Hayes claims that bitcoin is a better safe-haven asset than gold because it has superior technology. This argument seems to be based on the assumption that technology alone determines the value and usefulness of an asset. However, this ignores other factors such as supply and demand, monetary policies, storage costs, liquidity, etc. Technology is not the only or even the most important aspect of a safe-haven asset.
- Hayes also argues that gold's price is manipulated by central banks and governments, while bitcoin's price is determined by the market. This argument assumes that there is no manipulation in the bitcoin market, which is not true. Bitcoin's price is also influenced by various actors such as whales, exchanges, miners, developers, etc., who can affect the supply and demand of the digital asset. Moreover, the claim that gold is inferior because it has a fixed supply is questionable, since bitcoin's supply is also limited and may become even more scarce in the future due to halving events.
- Hayes compares bitcoin to gold as a store of value, but fails to acknowledge that both assets have different roles and functions in the financial system. Gold has been used as a store of value for thousands of years, while bitcoin is still a relatively new and untested asset. Bitcoin's volatility and lack of historical precedent make it more risky and uncertain than gold, which has proven its resilience and credibility over time. Additionally, bitcoin's value is largely derived from its use case as a medium of exchange and a network effect, while gold's value is based on its intrinsic properties such as beauty, rarity, durability, etc.
- Hayes also criticizes gold for being inefficient and outdated, but fails to acknowledge that bitcoin has its own drawbacks and challenges. For example, bitcoin consumes a huge amount of energy and contributes to environmental degradation, while gold is a recyclable and sustainable resource. Bitcoin also faces regulatory and legal uncertainties in many jurisdictions, which limit its adoption and legitimacy as a currency. Moreover, bitcoin's decentralization and anonymity make it susceptible to fraud, hacking, theft, etc., while gold has more security and accountability mechanisms.
- Hayes concludes that bitcoin is superior to gold because of its potential to revolutionize the world, but this is a subjective and speculative claim that ignores the reality and history of both assets. Bitcoin may or may not live up to its promise, but it does not necessarily mean that it is better than gold in