Bitcoin Gets Political – Anti-Gold Mining Activists Promote Bitcoin
Less than 11% of gold that is mined is used for anything other than investment or jewelry. Existing gold hoards could fulfill all industrial needs for gold for many decades.
As gold prices escalate to almost $1900 per oz, mining companies are ever more incented to mine more gold. Unfortunately many of these companies are in third world companies, and are not supportive of human rights. Many miners live in almost sub-human conditions, and death rates of miners are high.
Their belief is that having a virtualized commodity for trading, that is not tied to gold, will reduce the incentive for mining companies to exploit workers and the environment.