Called today’s digital gold by many analysts and investors, can Bitcoin replace physical gold in the future?
The world is getting more digital day by day, and according to the CEO and founding partner of Digital Assets Data, the leading crypto asset Bitcoin (BTC) can play the role of gold in the future.
“Young people are interested in Bitcoin in a world where the economy is becoming more and more online and virtual, this is the most important factor that can replace Bitcoin,” CEO Mike Alfred said.
From the launch of Bitcoin 10 years ago, it has risen from below $ 1 to $ 20,000. According to analysis of popular crypto analyst PlanB on Twitter, it may be positive for Bitcoin that monetary instability and inflation continue to be extremely dangerous in local currencies.
For example, Venezuela has been heavily influenced by inflation in recent years and faced 10,000,000% inflation in the second half of 2019. In Bitcoin, this style has become more and more popular amidst cash troubles.
As Bitcoin gets more accepted, it will be used in more financial transactions and will be accepted by more tax authorities in the future. A popular analyst summarizes this situation with the phrase “Finally Bitcoin was able to touch the texture of the global economy completely”.
Of course, despite all these statements, not everyone sees Bitcoin as a positive light. Economist and BTC critic Peter Schiff always chooses the side of gold against Bitcoin. According to the famous economist, Bitcoin has seen astronomically price increases over the past decade and will lose this gain in the same way
Banking giant Goldmand said in a statement a few days ago in Sasch that he did not see Bitcoin in a legitimate asset category.
Bitcoin (BTC) is trading at $ 9,443 as of writing.