Bitcoin is slowly making its way over Gold as the world-renowned economist and bitcoin pessimist says Bitcoin has more utility than gold. Also, Bitcoin has been outperforming Gold transaction volume settlement along with showcasing more appeal to the investors.
Gold is dead, Bitcoin has more utility than gold
Bitcoin is the new gold. This facet has been dominating the crypto market for past some time, however, in the recent times, this has gathered a lot of steam and experts believe in the coming times, bitcoin will rather outdo gold. When it comes to the market, Gold enjoys a trillion dollar share while bitcoin hit its highest over $300 billion when its price touched its peak at $19,500 in December.
However, it is in no way dampening the enthusiasm of experts. The famous Nobel-Prize winning economist Paul Krugman who has been a skeptic of Bitcoin believes so. Previously he has called Bitcoin “evil” that is apparently useless along with taking the monetary economy back to the 17th century, has now somewhat changed his stance.
Recently, in a blockchain conference, Krugman who joined Cory Johnson of Ripple and Fundstrat’s Tom Lee shared that he has only begun to halfway understand Bitcoin. He also admitted Bitcoin having more utility than gold:
“Gold is dead… Bitcoin has more utility than gold. There is some chance for Bitcoin to be valuable in the future.”
In one of his The New York Times article, he has shared that they are overwhelmingly used for speculation instead of a medium of exchange and have a long way to go mainstream.
Bitcoin outperforms & holds more appeal than gold
If we take a look at the transaction volume cleared by bitcoin in comparison to global gold markets, Bitcoin is way ahead of gold and that too since 2017 as shared by a crypto enthusiast on Twitter, “Bitcoin has been clearing more tx volume than global gold markets since early 2017.”
Bitcoin has been clearing more tx volume than global gold markets since early 2017.
BTC: on pace to process $1.1 trillion in 2018 transactions
Gold: on pace to process $0.4 trillion in 2018 transactions
— Kevin Rooke (@kerooke) August 15, 2018
Since the second quarter of 2017, Bitcoin has been consistently outdoing gold. It’s been less than a decade and the world’s leading cryptocurrency is already showing more utility than gold. However, the supply of gold is much larger than Bitcoin, so, in order to reach Gold’s market cap, Bitcoin has a really long road ahead of itself.
Moreover, Bitcoin offers more investment appeal than gold in a number of ways. Having hit $19,500 in 2017, investors expect Bitcoin to recover from its current lows and reach new peaks.
Additionally, with the US-China trade war going on and national currencies around the world taking a severe hit and devaluing, Bitcoin is slowly emerging as a better store of value option than gold.
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com