Bitcoin Will Replace Gold, Crypto Data Analytics Company CEO Says

As the world turns more digital, crypto’s pioneer asset Bitcoin (BTC) could take on gold’s store of value role, according to the CEO and co-founder of Digital Assets Data, an analytics firm.

“I see Bitcoin replacing gold as the hardest money for savers with long time horizons,” CEO Mike Alfred told Cointelegraph. “Young people are far more interested in Bitcoin in a world where the economy becomes increasingly online and virtual,” he added.

Since its launch over a decade ago, Bitcoin has travelled a price path from less than a dollar, all the way up to nearly $20,000. In that time period, the asset has changed roles several times, from a transactional currency to a financial asset, and everything in between, according to analysis from crypto Twitter analyst PlanB.

“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,” Alfred said.

Venezuela, for example, was hit hard by inflation in recent years, finding itself drowning in 10,000,000% inflation by the latter half of 2019. Bitcoin, however, found greater popularity in the middle of such cash troubles.

Not everyone sees Bitcoin in a positive light. Economist and BTC sceptic Peter Schiff has tweeted a number of comments against Bitcoin, 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.

Banking giant, Goldman Sachs, also recently said it does not view Bitcoin as a legitimate asset category.

Plenty of crypto industry participants have countered various arguments against BTC over the years, however, including Anthony Pompliano’s Bitcoin hedge argument.

Bitcoin Will Replace Gold, Crypto Data Analytics Company CEO Says, CoinTelegraph, May 29