Will People Drop Gold in favor of Bitcoin as an Investment Alternative to GoldMay 21, 2019
Global uncertainty is good for investors of Bitcoin. Trade talks have started between the United States and China.
Barry Silbert, the CEO and founder of the Digital Currency Group feels that it is interesting to see the price of the Bitcoin accelerate up and to the right, as the trade discussions have begun to take place. When it comes to demonstrating the ongoing commitment to innovation, best in class investment and trading experience, he stated that Bitcoin was yet another strategic investment.
When reinstating about the durability of Bitcoin, Silbert stated, “If you look at over the past five years—when ‘Brexit,’ happened, Bitcoin went up. When ‘Grexit’ happened, Bitcoin went up.”
Investors are well aware of common hedges in investing. When considering those, it is opined that Bitcoin will perform better than other kinds of investing hedges.
Silbert states that it need not necessarily mean that money will move into Bitcoin, but it is just that you do not have the forced pressure of having people sell away their Bitcoin.
“Ultimately, considering the volatility existing in Bitcoin, there are plenty of examples one can find where [the price] goes down when those macro events happened as well.”
A recent Drop Gold campaign has hit the TV in which the commercial shows a man and woman racing around frantically around a financial district and people around them were weight down by bulky gold.
“Why did you invest in gold?” the ad asks. “Are you investing in the past?”
It is stated that this campaign is set to run around the year on the broadcast and cable networks. There will also be heavy advertisements on social media sites.
This brings in a bold bet that this campaign will create more investors in favor of Bitcoin, having them drop gold in favor of Bitcoin. Bitcoin is a digital currency that exists as computer code. There are several other cryptocurrencies like TCAT tokens, ETH, Litecoin and all of them living as computer codes. Bitcoin is considered a superior store of value than all cryptocurrencies; however, will it lead to a situation where people are ready to drop gold for Bitcoin.
Beliefs that those who inherit gold as an inheritance will be seeking other investments are also growing by the day.
The overall worth of gold is currently at $8 trillion. The current supply of Bitcoin is at $95 billion. This suggests that the digital currency will have a long way to go if they should catch up with the yellow metal.