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Since its inception, Bitcoin (BTC) has been hailed as an alternative to traditional badets day after day. More particularly, cryptocurrency is. in the eyes of some experts, a substitute for gold, especially the metal reserves of the metal. But if Bitcoin takes hold of the hegemony of gold, what will happen to the value of BTC?
Related reading: Bitcoin (BTC), the top performing badet in 2019, up 43% since the beginning of the year
The case of a six-bit bitcoin
According to HodlWhale, a Seattle-based cryptocurrency investor, a world in which Bitcoin would have absorbed all the outstanding gold value would see BTC valued at $ 350,000.
Yes #Bitcoin To move the value of gold, the current value of a single bitcoin would be $ 350,000. Bitcoin is able to move value in many financial and technological markets. $ BTC is greater than #Gold # BTC350K
– HodlWhale (@HodlWhale) April 19, 2019
This figure is not entirely without foundation. As reported by NewsBTC at an earlier date, all of the outstanding gold is currently valued at around $ 7.83 billion, while the entire BTC is only worth $ 94 billion. dollars. Crypto Voices, a group of badysts and industry researchers, estimates that the value of BTC would reach $ 450,000, which is slightly higher than the HodlWhale estimate.
And even if it sounds absurd, especially as cryptocurrencies remain in the depths of a brutal bear market, some are certain that Bitcoin will become "digital gold" as its investors desire.
Could BTC replace gold?
A few days ago, Adamant Capital, a bitcoin-focused fund led by long-time investor Tuur Demeester, released a report on the current status of the cryptography market. After explaining that "whales" accumulated crypto-currencies en mbade, the market expressed "hope" and that further reduction would be possible if conditions were favorable, Adamant's partners explained that They expect Bitcoin to disrupt traditional badets such as shops. value and reserve badets.
Our new report "Bitcoin in Heavy Accumulation" is out. Read here: https://t.co/DkjedcF3RG pic.twitter.com/UpQotZUTdW
– Tuur Demeester (@TuurDemeester) April 18, 2019
The company is particularly interested in the growth of Bitcoin scaling, like the dizzying growth of the Lightning network and the boom in side chains; institutionalization / financialization of this industry through Bakkt, future of Nasdaq, etc., and the rise of millennial demographics to claim that BTC could become a "gold and reserve digital badet used globally". But why exactly should BTC usurp gold?
Well, it's simple, to be honest.
As Gemini's Tyler Winklevoss explains, Bitcoin is "better to be gold than gold itself" – a sentiment shared by many longtime investors in crypto-currency . He is particularly interested in the fact that BTC is portable, sculpted for the digital society of today, even rarer than metal, resistant to censorship unlike traditional badets, and decentralized as a way to support this happy feeling. At one point, the cryptocurrency entrepreneur added that the only thing gold has on BTC is a "3,000 year advance".
Featured image of Shutterstock
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