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Is Bitcoin a Commodity? Explaining Bitcoin’s Superiority
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Is Bitcoin a Commodity? Explaining Bitcoin’s Superiority

Is Bitcoin a commodity? While it's similar to existing commodities, it has unique characteristics never before seen in history.
Bitcoin News
By: Bitcoin News
Jan 22, 2024
3 min read
Is Bitcoin a Commodity? Explaining Bitcoin’s Superiority

This article was originally published by Adam O on X

Is Bitcoin a Commodity?

14yrs ago a commodity came into existence through technological advancement/innovation.

Most people don’t think about the importance & impact of commodities. Many would rather spend their time thinking about anything else. But the different commodities could be fascinating.

While it may not be the most charming topic, but the arguments could prove valuable. Commodities like gold, cinnamon, cocoa, coffee, oil (both crude & olive), and salt have played a huge role in shaping the world. In fact, humans have used all to store/transport/settle value throughout history.

People fought wars over spices, armies have marched into battle over gold. The world’s dominant commodity today, the crude oil, is foundational to modern living. It impacts all other industries and humanity worldwide.

However, while this new commodity is similar to existing commodities, it has a few unique characteristics. This new commodity possesses characteristics never before seen in history, characteristics which I believe support the conclusion that this particular commodity will have a profound impact on history.

Related reading: Fidelity Exec. Jurrien Timmer: Bitcoin is “Exponential Gold”

Characteristics of Bitcoin as a Commodity

  • This is the first natively-digital commodity.

  • This is the first commodity to have a pre-determined production schedule. So it does not matter how many people come to produce this commodity. It also won’t matter how much energy and capital people direct towards production efforts. Bitcoin network makes sure the produced daily/weekly/yearly quantity is pre-determined.
    Therefore it is possible to calculate future total/incremental supply within a 0.1% margin of error. What is the oil production amount in 2037? Nobody knows for sure.
    That’s strange, because it is possible to determine the schedule for Bitcoin. The bitcoin network will produce ~20,500 BTC in the year 2037, or 56.25 BTC per day.

  • This is the first commodity where everyone can verify its precise total global supply. Anyone can independently and trustlessly verify it in any given moment with 100% certainty.

  • This is the first commodity that anyone/everyone can produce from anywhere/everywhere. It doesn’t matter whether you’re rich, poor, white, black, blonde, 12yrs old, 87yrs old, Jamaican, Dutch, American, blind, deaf, dumb, disabled, disrespectful, devious, diabolical, murderous, foul-mouthed or criminal. The barriers to producing this commodity are lower than any other commodity/good.

  • This is the first commodity that one can store/transport exactly as they would store/transport information. Transporting this commodity is identical to transporting information.

Why Bitcoin is Superior

Bitcoin is the first and strongest in the world of digital assets. This commodity’s existence is the first & only experience humanity has ever had with digital scarcity.

Bitcoin is a brand new commodity that is going to drastically impact what the world looks like in the future. There’s nothing interesting about “blockchain” and there’s certainly no “blockchain revolution.” There exists only 1 market-defining commodity and its discovery is akin to the discovery of electricity.

Bitcoin isn’t just another commodity. It’s the commodity to rule all commodities. It’s the commodity to price all commodities. Because Bitcoin is as durable as information, it’s the commodity best-suited to travel through time.

Because Bitcoin is as portable as information, it is the commodity best-suited to travel through space.

Bitcoin is the commodity best-suited to be used as the world’s tool for measuring & settling value throughout the entire world (space) for the foreseeable future (time).

Bitcoin, Gold, Silver, Oil; Which Are Commodities?

The regulation landscape might not be clear for Bitcoin right now. The Securities and Exchange Commission (SEC) chair, Gary Gensler, has repeatedly said he believes bitcoin to be a commodity, and not a security. This could place bitcoin under the jurisdiction of Commodity Futures Trading Commission (CFTC). As a result, the regulator will treat Bitcoin like gold and silver, all classified as commodities.

Bitcoin is Inevitable

We’re living during the time-period when unreserved fiat money dies. Unreserved fiat money always dies. It’s an inevitability, and we’re witnessing a re-commoditization of the world naturally coinciding with the dawn of The Information Age.

Isn’t it fascinating that just a few years after the ability for everyone to access and share all information from their pocket became a reality, the commodity of information itself emerged? It’s no coincidence, it’s further evidence that Bitcoin’s existence is more a result of inevitability rather than a result of innovation. It was more discovered than it was created.

Blessed is the saver, for they starved their immediate desires in order to ensure the betterment of themselves and the betterment of all market participants. Blessed are those whom ensure the betterment of the world.

Related reading:

https://bitcoinnews.com/bitcoin-a-blend-of-invention-and-discovery-saylor

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