The term “Bitcoin is black gold” is likely a metaphor comparing Bitcoin to oil, historically referred to as “black gold.” Just as oil transformed the global economy by becoming a critical energy source, Bitcoin is often seen as revolutionary in the financial world due to its potential as a decentralized digital asset. The comparison suggests that, like oil, Bitcoin has immense value and could drive future economic shifts, particularly as the digital and decentralized economy grows.
This metaphor can also hint at the energy-intensive nature of Bitcoin mining. Mining Bitcoin requires vast computational resources and electricity, much like how oil extraction consumes significant energy. Critics of Bitcoin often point out its environmental impact, linking it to fossil fuels, while supporters emphasize its potential as a long-term, transformative asset, much like oil in the 20th century.
Eric Kim, in his discussions, frequently refers to Bitcoin as “digital gold,” acknowledging its potential for long-term value and scarcity, similar to how gold has historically been viewed oai_citation:2,Eric Kim Bitcoin Strategy – ERIC KIM oai_citation:1,Spartan Economics – ERIC KIM. The “black gold” phrase could take this further, linking Bitcoin to both its potential wealth-generating capacity and its energy demands.