Newly Invented Artificial Gold Can Support Bitcoin Value
Chinese scientists from the Dalian Institute of Chemical Physics at the Chinese Academy of Sciences in Liaoning have invented the way to get a gold-like substance out of ordinary copper. This discovery questions the gold-standard adherence in the global economy and may give green light to alternative financial tools like cryptocurrencies, SCMP reports.
The scientists have chosen the influential scientific magazine Science Advances to publish their report about the discovery. The article describes all the steps of chemical transformation. The new metal is obtained through using hot ionized argon gas and copper, which falls to nanoparticles. The catalytic characteristics of these nanoparticles resemble those of silver or gold, as they withstand high temperature and the processes of eroding and oxidation.
The new metal casts doubt on the gold price, which remained the world leader due to its rarity, limited quantity in nature and specific properties. The global crypto community has already started thinking that bitcoin can now replace gold and become the main store of value.
However, the new metal still does not possess all physical properties of gold and has different density. This will not allow counterfeiters to use the “artificial gold” under the guise of real valuable metals. But scientists continue further researches. They state the invented material is a semiconductor (just like gold) and can be used to produce computer equipment. This factor may devalue real gold on the global market, which may turn humanity to bitcoin or other digital financial instruments in the longer term.
Blockspoint expert and Chainside project co-founder Federico Tenga said that the synthetic gold invented by Chinese scientists seems to be able to become a substitute gold and be used for industrial purposes, as it contains a high quantity of electrons. But at the same time, it is different from normal gold because its density is still about the same of copper.
“This means that gold scarcity, and therefore its utility as a store of value, is not compromised, but the demand deriving from industrial applications may go down, which, however, will unlikely affect the price significantly. In general, this can be good for bitcoin, as it will prove that the value of gold does not derive from its physical real world applications, such as jewelry and electronics manufacturing, but mostly from its scarcity, durability and network effect, just like bitcoin. Bitcoin has no secondary applications, but if gold can continue being gold without them, then bitcoin can be digital gold, too”, Federico Tenga comments.
As previously reported, the South Korean business school in Seoul launched a master's course to train specialists in the field of cryptocurrency and blockchain.