This week one of the main topics for discussion in media was the asteroid (16) Psyche, outdoor experts NASA. The Americans are going to send a mission to the outer body by 2022. The fact is that the asteroid has a huge amount of gold. The precious metal so much that it can be used to “make” a dollar billionaire every Earthling.
While officials do not share their possible plans for resource extraction in space. It is not even known whether or not to be prey. However, (16) Psyche was at the center of attention of cryptocommunist. Enthusiasts have dubbed the asteroid “killer gold”.
Harm space gold
According to preliminary estimates, the total cost of gold (16) Psyche up to 700 quintillion dollars. For comparison, the total capitalization of the gold market is about 7.5 trillion dollars. In other words, the “price” of (16) Psyche exceeds the total capitalization of the mined precious metal on earth is about 93 million times.
It would seem that with so much money you can make rich every person on Earth. However, it is not so simple. The main value of gold is its rarity, because the reserves of that resource on the planet is very limited. As soon as the market will be a huge amount of metal from space, its price could collapse to almost zero.
Will there be a new financial crisis?
According to captainvalor, Yes. Recently known in the community character WhalePanda said that successful exploration of the asteroid will be the death of “gold bugs”. He encourages everyone to invest in Bitcoin until it is too late.
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
But CEO of Euro Pacific Capital Peter Schiff believes that the extraction of metals in space can be not as simple as it seems at first glance. The expert admits two scenario. The first (16) Psyche, most likely, consists of a large number of alloys, a small fraction of which is gold.
The existence of a golden asteroid is fake news— a lie spread to pump Bitcoin. 16 Psyche is a rare metallic asteroid with a composition similar to the earth’s core. It’s made almost entirely of an iron-nickel allow, with small amounts of other metals, likely to include gold.
— Peter Schiff (@PeterSchiff) June 29, 2019
Its recovery will be very time consuming and expensive process, so even the flight to the asteroid will supposedly be unprofitable undertaking.
See also: Businessman called Bitcoin “gold of fools”. But he’s wrong.
The second — the extraction of precious metals in space will sooner or later become a necessity, because the reserves of gold on Earth is not infinite. But even in this case, the price of the resource does not collapse to zero, because the company for exploration of other celestial bodies are unlikely to provide a stable supply of huge amount of gold to the market.
Even more interesting are looking for in our cryptodata of hontarov. All the gold in the world there.
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