Bitcoin continues to receive positive feedback despite its volatility. If comparisons to gold are a strong argument in themselves, now more and more investors and analysts are claiming that Bitcoin can overtake this precious metal in Finance.
One of the last experts to join this group of people who see more potential in bitcoin than in gold is Tyler Winklevoss, co-founder along with his brother Cameron of the crypto Exchange Gemini.
In a tweet published on May 16, the early BTC investor explained that BTC “matches or beats” gold in several respects, also pointing out that it can grow rapidly once its uses are recognized globally.
Tyler Winklevoss is not Alone
This idea is not isolated, and although it has time going through the crypto-verse, in the last days it has acquired more strength. Recently, Tim Draper commented that he was sure that in less than 5 years, Bitcoin’s growth will be strong enough to have 5% of the global capitalization of the world’s financial markets.
“I am a believer that in four years, something like that, bitcoin will be a 5 percent market share of the earth,” Draper told the Countdown to the Closing Bell team Thursday from the SALT conference in Las Vegas.
Likewise, Mike Novogratz, CEO of Galaxy Digital explained at that same conference that Nouriel Roubini (the economist who called Bitcoin “the mother and father of all bubbles” had lost the debate since Bitcoin is a better form of money with verifiable usability.
Novogratz in the past has expressed its assurance that over time BTC could increase 100x its value, consolidated as the storage medium of value par excellence.
Gold’s got an $8 trillion market cap or a $7.5 trillion market cap. And so, we’re 100x off on that. We’re not going to get there in Bitcoin in the next year or two. But over a 20-year period, could that happen? Easily, esasily”
Use Bitcoin to Increase Value and Gold to Store It
Right now ecomists cannot agree on wether BTC is better than gold as store of value. The high volatility is an issue that the cryptomarkets still need to work on, however, comparing both graphs, BTC has been much better at increasing (and decreasing… it all depends) its value than gold. Gold’s stability makes it better to store the same value over time: