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”.
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!
— Tyler Winklevoss (@tyler) May 16, 2019
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:
Yeah. 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.
— Mati Greenspan (tweets ≠ financial advice) (@MatiGreenspan) May 16, 2019
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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