Lou Kerner, a popular venture capitalist is in our bitcoin news today after predicting that Bitcoin is on its way to replacing gold as a number one store of value after the number one cryptocurrency already surpassed the market cap of the silver.
He pointed out:
“What bitcoin has evolved into is a store of value. Today, the main store of value is gold. It’s an $8 trillion market. Bitcoin today is around $60 billion, so it has an opportunity to actually replace gold as the dominant store of value.”
He has already done some predictions in the past about bitcoin, even saying that despite the current bear market, the crypto technology will be far more disruptive than the internet:
“The disruption from that is gonna be bigger than the disruption that we saw from the Internet. Bitcoin is kind of the early leader, like the Yahoo of its day. And while it’s a massive thing, it’s not the thing right now.”
When he was asked about what he thinks led the price of bitcoin to drop since its all-time high, Kerner said that it is because the market got ahead of itself because of ‘’unchecked capitalism.’’
He also believes that the blockchain technology will prove that it is far more revolutionary than we ever imagined. Also, he says that the real impact of crypto will be unknown at least in the next 10 years.
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Currently, almost $8 trillion is stored in gold and Silver is the second best store of value with more than $50 billion stored. Bitcoin is now at $60 billion so it has overtaken the silver.
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