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- The crypto community is confident that Bitcoin will eventually overtake the market cap of gold and silver to become the preferred safe haven of the future.
- Part of the reason for the success is that, unlike precious metals, the digital asset can easily be verified and cannot be manipulated.
A popular YouTube analyst has reiterated what a majority of the crypto community hopes and expects to play out in the future. Long regarded as digital gold, it has been clear that Bitcoin offers the benefits of gold with additional features. Like gold, Bitcoin acts as a hedge against inflation and is a safe haven in times of economic and political turmoil. Furthermore, they can both be used as a store of value.
However, Bitcoin has a fixed supply, unlike gold whose supply remains unknown. Bitcoin can be used to transact and transfer value at a low cost and across borders with little restriction. Gold on the other hand is bulky and cannot be used to transact in the day to day activities. In addition, Bitcoin is built on revolutionary blockchain technology which is not only decentralized but also tamper-proof.
In a recent video, the host of the YouTube channel InvestAnswers informed his 447,000 subscribers that he projects Bitcoin will soon overtake the market cap of gold and silver. He asserts that silver is no longer a safe haven. In recent years has become clear that gold is a more stable and dependable precious metal than silver. With gold already facing stiff competition from Bitcoin, silver does not stand a chance.
The analyst further highlights the possibility of price manipulation in gold and silver. He believes that Bitcoin prices cannot be as easily manipulated. He explains;
People have been worried a lot and I’ve answered so many questions about whether the paper versions of gold and Bitcoin can change their real-world prices. Can paper Bitcoin put a lid on price so the price doesn’t go up? The problem is there’s a big difference between Bitcoin and gold.
For gold, it’s impossible to know if there is a gold backing to the paper that exists, which makes things very risky. On the other hand with Bitcoin, it’s much easier to prove and check making it much more trustworthy.
The analyst has shared an 8 to 10-year prediction in which Bitcoin will overtake gold not just because of the aforementioned reasons but also because it can easily be verified. He adds;
Believe me, forget the other 20 advantages that Bitcoin has over gold. I believe Bitcoin will smash gold performance over the next 8 to 10 years because you can verify. Therefore, I know a lot of people are worried about paper and manipulation by the JPMorgans and the BlackRocks of the world but they can’t because it can be so easily verified.
At the time of press, bitcoin is trading for $26,800 with a market cap of around $522,000,000. Gold on the other hand is trading for $1,900 per ounce with a market cap of nearly $12.511 trillion
