Bitcoin will replace gold in the next decade: Bernstein
Bernstein, an investment management firm, stated that bitcoin could replace gold as the primary store of value asset in the next ten years.
Gautam Chhugani, an analyst at the company, pointed out that bitcoin will become the main "store of value of the new era."
The specialist argues that the currency "will become a permanent part of the institutional multi-asset allocation and a standard for corporate treasury management."
Bitcoin has been compared to gold for its status as a store of value and an alternative to fiat currencies, especially in times of economic uncertainty. This similarity has led to the currency being known as "digital gold."
The price rose from $42,000 at the beginning of the year to over $100,000. In any case, the firm anticipates that the price could reach $200,000, according to a projection made in November.
Much of the recent increase in the price of bitcoin is attributed to the presidential elections in the United States, where Donald Trump was elected president, as reported by CriptoNoticias.
Despite these projections, Bernstein also recognizes that bitcoin still has a long way to go to become a means of payment and a widely used unit of account.
This is due to the nature of BTC as an appreciating asset with low correlation to inflation, unlike gold, the firm explains.
Bernstein's position, which has assets under management valued at $725 billion, was expressed after a historic milestone for bitcoin. For the first time, the digital currency surpassed $100,000, marking a 133% increase so far this year.
