Considering how big the financial investment into gold is, a crowding out of gold as an ‘alternative’ currency implies big upside for bitcoin over the long term
We note that the spectacular bitcoin rally of the past few weeks has moved bitcoin into more challenging territory, not only in terms of its positioning backdrop, but also in terms of its valuation
Bitcoin is likely to outshine gold as millennials become a more important component of the investment market over time and given their preference for “digital gold” over traditional bullion
This year, bitcoin will mature into a gold-like store of value. the cryptocurrency is poised for a bull run, after being temporarily dragged by the coronavirus-induced stock market tailspin.
the Bitcoin price could soar if the digital asset takes on a larger share from gold of what’s known as the store of value market. Investors are looking for ways to protect their wealth as global economic uncertainty increases.
The macroeconomic effects of the coronavirus accelerate bitcoin’s process of gaining value relative to other cryptos. BTC outperformed the Bloomberg Galaxy Crypto Index, surging 40% versus 13% decline in the index.
As digital gold, BTC appeals to the cashless internet economy largely on account of its characteristics that include round-the-clock price transparency, and the lack of limits, interruptions or third-party oversight.
Bitcoin’s competition with gold has already started in our mind. That could mark a new dawn for the volatile digital currency after years as a play for speculators and retail punters.
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