Bitcoin is gold 2.0. It matches or beats gold across the board. It’s market cap is ~140bil, gold’s market cap is ~7tril. Do the math!
Although in its decade-long lifespan, the crypto industry has changed dramatically, the narrative surrounding Bitcoin (BTC) along with its proposition of cardinal value. It was more or less steady. There were a few nuances, though.
Case in point, cryptocurrency proponents have been wishy-washy over the past few years with the asset being either a Value Store (SoV) or a Exchange Medium (MoE). Since both arguments have their merits and proofs, a sometimes volatile dichotomy has developed between commentators, researchers, analysts, and investors venturing the distinct processes of thought.
Indeed, many argue that what catalyzed mid-2017’s now infamous hard fork was an argument over whether BTC was actually digital cash, well. More and more come to the conclusion though that Bitcoin will first have to become the go – to store of value before becoming a new form of money.
In a recent tweet, one of the Winklevi(i) twins and Gemini’s chief executive, Tyler Winklevoss, noted he sees Bitcoin as “gold 2.0.” He says the gold “matches or beats” of the cryptocurrency across the board. The only thing that gold has over BTC is a “3,000-year headstart,” as he said in an interview.
“Bitcoin is digital Gold and has advantages over regular Gold. However, physical Gold also has advantages over Bitcoin. It can be used to make jewelry or technology and can be used in the event of a total system meltdown. If the power goes out, you can’t use Bitcoin.”
This would be confirmed by actual data. Let’s say the world is realizing Bitcoin’s potential, resulting in the world looking to store its value in BTC compared to gold. BTC would be valued at $350,000, according to HodlWhale, a Seattle-based cryptocurrency investor, a world where Bitcoin has absorbed all the gold value in circulation.
All physical gold products currently in circulation are valued at about $7.83 trillion, while all BTCs are valued at just $94 trillion. Crypto Voices, an industry analytics and research group, estimated that BTC would swell to a value of a casual $450,000— slightly above HodlWhale’s estimate if the latter were to fully displace the value of the first.
on a lighter note,
“Still, unlike Bitcoin, a Gold shield will protect the wearer against nuclear radiation.”