Winklevoss: Bitcoin is Gold 2.0

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Winklevoss: Bitcoin is Gold 2.0

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Tyler Winklevoss, one half of the famous Winklevoss Twins who manage digital asset platform Gemini, has spoken out about Bitcoin as the new digital gold, calling the world’s foremost cryptocurrency “Gold 2.0”.

According to his argument, Bitcoin’s position in the market today after only 10 years of existence has proven its staying power, and has now in fact displaced the precious metal in several comparisons. This includes a market capitalization of around USD 140 billion, compared to gold’s USD 7 trillion market cap.

Those who believe that Bitcoin is a store of value will probably enjoy the fact that the theory is supported by someone as influential as Winklevoss, although there will be others who say that for Bitcoin to succeed as a digital currency in the way it was originally deemed, its value needs to be more predictable and less volatile.

Senior market analyst at eToro, Mati Greenspan believes that both sides of the equation bear merits, seeing individual strengths for both gold as a traditional store of value in times of crisis and Bitcoin as a digital currency. As he points out, switch the power off and you can’t use Bitcoin:

Other industry giants like crypto fund Grayscale, for example, go even more extreme, launching a  #dropgold campaign calling for Bitcoin to replace gold as a store of value in the new global digital economic model.

Whichever the opinion, it is becoming clear that Bitcoin cannot be ignored, whether as a revolutionary new technology, or digital money, or store of value. 

 

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