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Digital Gold
Mike Novogratz, a long-time Bitcoin bull (BTC), sat down with Anthony "Pomp" Pompliano of Morgan Creek for the famous Off The Chain podcast. According to reports, Novogratz, one of the advocates of fervent crypto-defense, has said that even if BTC is still worth 1% of the value of gold from $ 7 trillion to $ 8 trillion, crypto would eventually reach it.
He argued that this trip could take place over a period of 20 years rather than one or two years. Former Goldman Sachs partner said it could "easily happen". EOS's Bridan Blumer also drew attention to this period, explaining in a recent tweet that Bitcoin will make a jump into the gold value pool over the next two decades.
Be that as it may, it's not an interesting first thing that Novogratz praises this thought process. He has already stated that if the cryptocurrency market were a periodic table, BTC would be the only one to assign an atomic number of 79, roughly as is gold.
Bitcoin to overtake Fiat?
Although it has been proven that Bitcoin has better properties than gold, giving it the precedent to become the unavoidable store of value, the pressing question remains whether this asset will be able to overcome the currencies issued by governments. Some argue that it makes no sense, drawing attention to the lack of scalability, minimal adoption and other inconvenience.
But spirits like Tim Draper and John McAfee, by contrast, are a little more cheerful. In a recent YouTube interview with a creator of cryptographic content, the venture capitalist cited above claimed that the fiat currencies were "poor", citing their controllability, lack of transparency, and subjectivity to the political and social whims of the country. daily.
And as the US investor claims that most of the brightest developers, engineers and academics are working on digital assets – Spencer Bogart of Blockchain Capital would agree – Draper notes that there could be a capital flight between fiat and crypto over time. He elaborates:
"I think crypto-currencies will eclipse trust currencies over time. It would be a thousand times higher than what we have now.
Draper is not the only one to brag about this thought process. Max Keizer told Bitcoinist that the flagship cryptocurrency was very much like a black money hole and would "swallow all fiat" over time, while the current financial crisis (in Keizer's eyes) continues to wreak chaos in the society.
But will these big dreams really come to fruition? To be honest, it seems a bit hard to believe when the market is depressed.
Photo by Clem Onojeghuo on Unsplash
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