Mike Alfred, the CEO and co-founder of Digital Assets Data, an analytics firm, has said that Bitcoin (BTC) will replace gold.
Alfred said:
“I see Bitcoin replacing gold as the hardest money for savers with long time horizons.”
He added:
“Young people are far more interested in Bitcoin in a world where the economy becomes increasingly online and virtual.”
It has been reported that Bitcoin has traveled a price path from less than a dollar, all the way up to nearly $20,000 since its launch over a decade ago. According to analysis from crypto Twitter analyst PlanB, in that time period, the asset has changed roles several times, from a transactional currency to a financial asset, and everything in between.
Digital Assets Data CEO @mikealfred said $BTC could take over the role of #gold, @benjaminpirus reports. https://t.co/ikyPx3z3BS — Cointelegraph (@Cointelegraph) May 28, 2020
However, Alfred commented:
“The most compelling use cases continue to be in emerging markets where monetary instability and inflation makes it extremely risky to save in the local currency.”
For example, Venezuela was hit hard by inflation in recent years, finding itself drowning in 10,000,000% inflation by the latter half of 2019, as Bitcoin found greater popularity in the middle of such cash troubles.
Alfred asserted:
“As Bitcoin becomes more accepted, it will be used in more financial transactions and accepted by an increasing number of tax authorities. Eventually Bitcoin could be completely interwoven into the fabric of the global economy.”
Likewise, not everyone sees Bitcoin in a positive light.
Peter Schiff, the Economist and Bitcoin skeptic has tweeted a number of comments against Bitcoin by preferring gold as an investment.
Bitcoin posted astronomical price gains over the last decade, as crypto space participants often point out. Noting such statistics, Schiff predicted the coming years as gold’s time to shine as Bitcoin loses value.
Schiff tweeted:
“Over the past several years Bitcoin hodlers poked fun at gold investors because Bitcoin gained so much more than gold.”
He added:
“Over the next several years those roles will reverse, but not because gold rises more than Bitcoin, but because gold moons as Bitcoin crashes back to earth.”
Thus, many crypto industry participants have countered various arguments against BTC over the years.
Source: Cointelegraph | Image: CoinCentral
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