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Bitcoin: Fool's Gold or Digital Gold?
Industry Leaders
|March 2021
The past year has seen the Bitcoin vs Gold as a hedge investment debate hotting up. The price rally in cryptocurrency has led to a shift in sentiments, with many investors now finding it a viable investment.
Bitcoin’s market cap could reach $1 trillion sometime in 2021 as investors take its reserve currency status more seriously, according to Garrick Hileman, head of research at Blockchain.
The easy reading of this trend is that investors are finally realizing the value of investing in Bitcoins compared to gold as a safe haven and future value.
Stanley Druckenmiller, BlackRock, Bill Miller, and Jack Dorsey, all have acknowledged that Bitcoin is here to stay, and is becoming a reserve asset and has proved that it is indeed digital gold.
Gold exchange-traded funds (ETF) such as SPDR Gold Shares (GLD) and iShares Gold Trust (IAU) have seen outflows of over $4.4 billion in the past month alone, according to FactSet.
Bitcoin has a current market cap of about $350 billion, while gold is around $10 trillion. This week the cryptocurrency gained 12% over two days alone, and was trading at $22,994 on Saturday.
So what is the sentiment that is driving Wall Street and high-flying investors to show so much confidence in Bitcoin’s performance?
Diese Geschichte stammt aus der March 2021-Ausgabe von Industry Leaders.
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