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Highlights
- Coinbase CEO Brian Armstrong has underlined that Bitcoin has more benefits over Gold.
- The Governor of South Africa has argued that a particular asset reserve should not be imposed on society without knowing its government's strategic intent.
- BTC price continues to surge with a market cap of over $2 trillion.
Coinbase CEO Brian Armstrong has recently sparked the Bitcoin Vs Gold debate highlighting the different advantages of BTC over the precious yellow metal. His comments have come after the governor of South Africa scoffed at the idea of a Strategic Bitcoin Reserve at the World Economic Forum.
BTC critic Peter Schiff has sided with the governor; however, the Coinbase CEO is confident that Bitcoin will gain broader recognition in the future.
Coinbase CEO On Bitcoin Vs Gold Debate
In a recent Bitcoin Vs Gold debate, Coinbase CEO Brian Armstrong stated that Bitcoin is a better form of money than Gold as it is provably scarce, more portable, and has a higher utility. He later detailed this comparison through an X post by adding that Bitcoin also has the advantage of being decentralized, fungible, and censorship-resistant.
The CEO did underline that Bitcoin has a lower established history but, he said that the market cap of Bitcoin could surpass that of Gold in the next 5-10 years. The market cap of Bitcoin is $2.08 trillion which roughly reflects 11% of Gold’s market cap which is just over $18 trillion, he noted.
More Opinions on Bitcoin Vs Gold
Lesetja Kganyago, the Governor of South Africa, triggered this Bitcoin Vs Gold argument by calling out the idea of having a Strategic Bitcoin Reserve. He said during a panel discussion that he has a significant problem with anyone saying that the government should hold a particular asset. The Governor of South Africa added that suggestions should not be made without understanding the strategic intent of the government.
Finally, he said that Gold still has an established history whereas Bitcoin does not have it. Notably, Peter Schiff has backed his opinion by saying that gold is still a true measure of dollar weakness. Schiff said this while talking about controlling inflation in the US, also highlighting that Gold has always recorded gains against the US Dollar.
In a separate X post, the BTC critic said that Gold is only 1% below its record high in dollars but, has bagged a record-high value in terms of every other major currency. Nevertheless, the crypto community is bullish about Bitcoin along with the overall rally across the crypto market.
BTC Price Rally
BTC price is up by 3.60% in the last 24 hours, exchanging hands at $105,418.92. It is now expected that BTC might rally 20% during the Chinese New Year as it has recorded upticks in eleven out of the last twelve times.
Another factor that would help BTC register a higher rally is Donald Trump signing an executive order to develop a National Digital Asset stockpile. Having said that, a flurry of experts are confident that BTC will emerge as a key contender and eventually surpass Gold in the coming years.
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