This is quite an abstract theory, but the idea that Bitcoin could eventually overtake traditional gold as an investment is one that gets investors very excited. This is simply because in a world where Bitcoin is more valuable than gold, two things could happen. Firstly, their own investments get bigger, better and more valuable which in turn makes them richer. Secondly though, a Bitcoin and gold flippening would mean that more, normal people start to invest in Bitcoin and other cryptocurrencies. This would allow Bitcoin to become a mainstream investment which could eventually lead to adoption on a global scale and then a huge cryptocurrency bullrun.
According to new reports, yesterday Bobby Lee, the founder of Chinese cryptocurrency exchange BTCC stated that he believes the Bitcoin market cap will hit $8 trillion, leading to a huge surge in the value of Bitcoin, eventually allowing it to reach a total value of $500,000.00. This in turn would be quite a feat. Bitcoin hitting a value this high would totally trump many of our more conservative predictions. Honestly, do we think this could happen by 2028? Well yes, technically it could, but it seems pretty unlikely.
Many critics however have recently spoken out about these very hopeful predictions:
“The idea of Bitcoin usurping gold as an alternative store of value still has its major detractors. Among the most vocal is Peter Schiff, the gold bug who has become infamous for his social media slighting of both Bitcoin and its proponents. Last week, Schiff argued that China potentially backing its state-issued digital currency with gold was a bearish sign for Bitcoin.”
“Prior to that, he forecast BTC/USD never reaching $50,000, while gold would pass $5,000.
Equally vocal about Bitcoin meanwhile is Max Keiser, the RT host who continues to argue for the cryptocurrency’s supremacy on mainstream media. In an episode of his Keiser Report last week, he said that Bitcoin’s self-settling ability automatically made it more suitable for transactions than either gold or fiat currency.”
Whatever happens, even if Bitcoin does eventually overtake gold as a store of value, remember that cryptocurrencyinvestment is very risky and should therefore only be carried out if you know what you’re doing. Do your research and trade safe.