Block.one CEO Brendan Blumer is one of the people in the crypto community that has high expectations for bitcoin after stating that Bitcoin will replace gold as a store of value and in today’s bitcoin news we find out more about his views.
“Over the next two decades, #Bitcoin will replace #gold as the leading commodity to store value.”
According to him, bitcoin is easily transferred because it is an intangible asset. It can be traded in seconds but it does have a limited total supply and it is extremely volatile. The number one cryptocurrency is a great store of value but scarcity limits the utilitarian value of the currency.
As we can see, institutions start to weigh in on regulations and controlling bitcoin so they can make some more profits which have led for skyrocketing of the price after traditional investors poured their money into bitcoin. The result brought up to 25 percent of bitcoin loss, people purchasing real estate with bitcoin and institutions selling bitcoin between other major institutions for profit.
Gold, on the other hand, is perceived as an experiment just like BTC. There are currently hundreds of billions of dollars worth of gold that are lost and the other half is locked in vaults. London, for example, has more than $200 billion in gold since the precious metal is still the people’s favorite store of value.
Both bitcoin and gold can be traded electronically. However, if an economic collapse occurs, holding a golden voucher doesn’t mean that the assets will be yours at the end mainly in the cases of theft, terrorism, and disputes.
Owning something on paper is the key issue with centralization since it doesn’t really belong to you until you have in your hands. Cryptocurrency solves this problem by being electronic. If you don’t have access to the internet, you are still the owner of the cryptocurrency. Crypto can be stored on your private key information on paper so you can access it from any other place.
Gold, on the other hand, will always be more worth than bitcoin because it is a natural resource whereas Bitcoin is a computer creation. BTC aims to overtake gold as a better functioning store of value but still has a lot to go.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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