Bitcoin Will Replace Gold

The CEO of cryptocurrency analysis firm Digital Assets Data thinks that Bitcoin will replace gold with the digitalisation of the world.  According to the prediction of the CEO and co-founder of Digital Assets Data, Bitcoin (BTC), the leading name of cryptocurrencies, can assume the value role of gold.  ‘I think Bitcoin is the strongest value asset that can replace gold in the long term,’ said CEO Mike Alfred. Alfred added; ‘Young people are much more interested in Bitcoin in a world where the economy is increasingly online and virtual.’

Bitcoin has achieved an important status since its establishment

Bitcoin, which emerged and developed ten years ago, increased its price from less than a dollar to $ 20,000. According to the analysis made by CryptoTwitter analyst PlanB, the asset that was transactional at that time provided a change towards a financial asset. Venezuela was one of the countries most affected by inflation after the crises it experienced. In the second half of 2019, it experienced 10,000,000 per cent inflation. In this period of cash shortages, Bitcoin increased its popularity.

‘As Bitcoin becomes more accepted, it will be used in more financial transactions and will be accepted by more and more tax authorities,’ Alfred said: ‘Eventually, Bitcoin could completely permeate the fabric of the global economy.’

There are also those who prefer to buy gold

Not all views on Bitcoin are positive, of course. Economist and gold supporter Peter Schiff tweeted a series of comments about Bitcoin and stated that he would prefer gold as an investment. Bitcoin has recorded astronomical price increases over the past decade, which cryptocurrency participants often note. Drawing attention to these statistics, Schiff suggests that gold will shine in the coming years as Bitcoin loses value.

Schiff said, ‘In the last few years, Bitcoin investors have made fun of gold investors because Bitcoin has earned much more than gold. In the next few years, the roles will reverse,’ he said. Banking giant Goldman Sachs also recently said it does not see Bitcoin as a legitimate asset category.