Bitcoin and gold are each invaluable belongings that can be utilized to guard in opposition to inflation; nonetheless, there are essential variations between the 2 by way of their historical past, accessibility, and different sources of demand.
Gold, undoubtedly, has a prolonged historical past and strong foundation, whereas Bitcoin has barely greater than a decade of existence to show its price as an inflation hedge.
In November of final yr, the value of a single BTC soared past $65,000, setting a brand new report excessive. This enhance was associated to the introduction of a Bitcoin trade traded fund within the United States; whereas others throughout the yr had been on account of occasions involving Tesla and Coinbase, respectively.
As of this writing, BTC is buying and selling at $$19,058.84, down 5.5% within the final seven days, knowledge from Coingecko present, Sunday.
Michael Saylor, Source: Bloomberg
The Crypto Is So Much Better Than Gold: Saylor
Despite the truth that BTC has misplaced over 73% of its worth since its all-time excessive in 2021, crypto bull and MicroStrategy co-founder and CEO Michael Saylor is unfazed.
Not solely does he assume the digital coin will regain its former glory, however he additionally thinks the cryptocurrency has quite a lot of room to develop past its present excessive level.
While the worth of the most well-liked cryptocurrency on the earth has been falling in current weeks, MicroStrategy has been shopping for the dip. With 130,000 BTCs in its vault, it’s sitting on practically $4 billion of the crypto.
“I think that the next logical stop for Bitcoin is to replace gold as a non-sovereign store of value asset and gold is a $10 trillion asset as we speak. Bitcoin is digital gold, it’s 100x better than gold,” Saylor mentioned throughout the Money Festival hosted by MarketWatch on Wednesday.
Bitcoin has a market cap of round $365 billion, in response to knowledge by TradingView on Sunday.
Bitcoin Will Hit $500,000 In 10 Years
And throughout the competition’s Best New Ideas phase, Saylor didn’t maintain again when he predicted the crypto’s price ticket could attain $500,000 inside the subsequent decade.
“The half-life of money in crypto is forever. You can move it on billions of computers at the speed of light. So if Bitcoin goes to the value of the yellow metal, it’s going to $500,000 per coin, and I think that happens this decade,” Saylor identified.
According to MarketWatch, Saylor has round 17,732 Bitcoins that he bought for round $9,500. Meanwhile, MicroStrategy’s inventory worth has fallen virtually 65% this yr, similar to Bitcoin.
BTC complete market cap at $365 billion on the each day chart | Source: TradingView.com Featured picture from Al Bawaba, chart from TradingView.com
