Bernstein: Bitcoin will replace gold 🪙
Bernstein analyst Gautam Chhugani has predicted that Bitcoin will become the main store of value in the next 10 years, replacing gold.
He believes that the flagship cryptocurrency will play a crucial role in corporate finance.
Bernstein has predicted that the price of Bitcoin could potentially rise to $200,000 next year.
After Bitcoin failed to gain traction as a means of payment, many of its supporters turned to the narrative of "digital gold," which has proven to be extremely successful.
In fact, this narrative was recently amplified by none other than Federal Reserve Chairman Jerome Powell, who recently stated that he sees Bitcoin as a digital version of the yellow metal. Powell's comments helped push Bitcoin above the $100,000 mark for the first time earlier this Thursday.
As reported by U.Today, cryptocurrency mogul Mike Novogratz recently predicted that Bitcoin's market capitalization could surpass that of gold in just five years from now.
Bitcoin evangelist Adam Back has predicted that the leading cryptocurrency could reach such a milestone this year.
Gold and Bitcoin are currently valued at $17.9 trillion and $2 trillion, respectively.
Bitcoin recently surpassed silver, which is currently valued at $1.8 trillion.
Meanwhile, gold guru Peter Schiff has not been enthusiastic about Bitcoin despite the recent surge toward six figures.
"While those selling Bitcoin are making huge profits, the benefit comes at the expense of buyers left holding the bag. The greatest loss will be to society as a whole, as a result of all the capital wasted on this nonsense, which could otherwise have been used productively," he said.
