As stated by Mike Alfred, the co-founder of Digital Assets Data, Bitcoin may replace gold as the store of value role. He noted that this cryptocurrency may become the hardest money because lots of young individuals are interested in it. This is related to the increase in the virtual economy.
A substantial increase in the status of Bitcoin
Notably, Bitcoin was launched over ten years ago. Although Bitcoin was priced to be less than one dollar at its inception, it has increased to around $20,000. Within this period, the roles of the asset have changed in so many ways, from a transaction currency to a financial property and lots of other things.
Alfred claimed that the most convincing use of the cryptocurrency is in the emerging markets where inflation and monetary instability increase the risk of saving in the local currency.
For instance, Venezuela experienced massive inflation recently and this led to over 10,000,000% inflation towards the end of 2019. Nevertheless, Bitcoin became more popular during these troubled times.
As the acceptance of Bitcoin increases, more people will use it for many financial transactions and it will become more acceptable by tax bodies. “Eventually Bitcoin could be completely interwoven into the fabric of the global economy,” Alfred concluded.
In support of this, there are lots of improvements that are going on in the cryptocurrency industry. One of these improvements is the exchange of Bitcoin to Payoneer.
However, there are still some people that have negative opinions about Bitcoin. Lots of negative comments were tweeted against Bitcoin by Economist and BTC skeptic Peter Schiff. He highlighted his preference for gold when it comes to an investment.
Bitcoin had lots of gains in the last ten years as many cryptocurrency investors usually mention. Despite highlighting such statistics, Schiff suggested that gold may gain in the coming years while Bitcoin becomes less valuable.
Nevertheless, many crypto investors countered this argument. They believe that the changes that we have happened in the last few years may enable us to witness a future where Bitcoin will replace gold as the store of value role. Whatever the case is, Bitcoin is bound to grow in popularity as long as it is increasingly used for more transactions.