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altcoin_10

Stefan by Stefan
20/02/2019
in Bitcoin News
1 min read
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kilogram of gold, btc, bitcoin, price
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The latest Bitcoin news cite the World Gold Council (WGC) which recently said that cryptocurrencies are “no substitute for gold.” The WGC, which is a market development organisation for the gold industry argued that gold is “very different” from cryptocurrencies like Bitcoin. According to them, the yellow metal is less volatile, has a more liquid market and trades in a regulatory environment among other factors.

Meanwhile, gold has appreciated 10% per year on average ever since the collapse of Bretton Woods monetary system (which pegged major currencies to the precious metal) in the 1970s, while its volatility has also reduced over the past four decades.

Bitcoin’s price, on the other hand, has been “extremely volatile – around 10 times than of the dollar denominated gold price.” Therefore, it is not really as good as a currency, the WGC said, “let alone a store of value, potentially limiting bitcoin’s use as a transaction token.”

When we compare Bitcoin trading volumes to gold, we can see that they are also “very low.” When releasing the statistics, WGC said that Bitcoin trades $2 billion on an average per day which is less than 1% of the total gold market’s volume of $250 billion per day.

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Furthermore, the WGC said that gold demand is diverse, supply is responsive and is “tried and tested effective” investment option in portfolios as a diversifier as well as performing well during periods of inflation.

“[Bitcoin’s] performance has, until recently, been remarkable, but its purpose as an investment seems quite different from gold. Cryptocurrencies have yet to be tested in multiple markets,” the WGC concluded.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Tags: btc newscan'tcryptogoldgold vs. bitcoinmatchstabilityvolumewgc
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Stefan

Stefan

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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