The 2018 book "The Bitcoin Standard" by Saifedean Ammous, which influenced MicroStrategy's Michael Saylor to invest $425 million in Bitcoin, also predicted that silver could not sustain as a hard currency due to its supply elasticity. However, recent market dynamics challenge this view as silver prices have surged to a historic high of $117, driven by industrial demand and supply constraints.
Despite the book's assertion that silver bubbles inevitably burst, current data shows a decline in silver production and a significant increase in industrial demand, particularly from the photovoltaic and electric vehicle sectors. This demand has led to a global silver deficit, contradicting the book's prediction of easy supply increases. Additionally, new export restrictions from China on refined silver could further tighten supply.
The ongoing silver rally, fueled by industrial needs and geopolitical factors, contrasts with Bitcoin's stagnant performance, prompting Bitcoin enthusiasts to revisit the book's arguments. While the book remains a cornerstone for Bitcoin advocates, the evolving silver market presents a complex challenge to its predictions.
Bitcoin Book's Silver Prediction Faces Reality Check Amid Market Surge
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