As the world turns more digital, crypto's pioneer asset Bitcoin could take on gold's store of value role, according to the CEO and co-founder of Digital Assets Data, an analytics firm.
"I see Bitcoin replacing gold as the hardest money for savers with long time horizons," CEO Mike Alfred told Cointelegraph.
"Young people are far more interested in Bitcoin in a world where the economy becomes increasingly online and virtual," he added.
"As Bitcoin becomes more accepted, it will be used in more financial transactions and accepted by an increasing number of tax authorities," Alfred posited.
Bitcoin posted astronomical price gains over the last decade, as crypto space participants often point out.
Schiff predicted the coming years as gold's time to shine as Bitcoin loses value.
"Over the past several years Bitcoin hodlers poked fun at gold investors because Bitcoin gained so much more than gold," Schiff tweeted.
"Over the next several years those roles will reverse, but not because gold rises more than Bitcoin, but because gold moons as Bitcoin crashes back to earth," the gold bug added.
Banking giant, Goldman Sachs, also recently said it does not view Bitcoin as a legitimate asset category.
Plenty of crypto industry participants have countered various arguments against BTC over the years including Anthony Pompliano's Bitcoin hedge argument.
Bitcoin Will Replace Gold, Crypto Data Analytics Company CEO Says
Udgivet den May 28, 2020
by Cointele | Udgivet den Coinage
Coinage
Nævnt i denne artikel
Seneste nyheder
Se alt
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.