New Value Store? Bitcoin's dominance over gold has reached its greatest advantage in history
In contrast, gold's performance has been stable and relatively unchanged over the same period, emphasizing its traditional role as a safe-haven asset rather than a promising investment.
Gold has long been considered the primary means of saving, but Bitcoin's rise indicates a possible paradigm shift in the way investors choose to preserve wealth. This development confirms that #Bitcoin is becoming digital gold. Interestingly, U. S. Federal Reserve Chairman Jerome Powell emphasized Bitcoin's potential to surpass gold, noting that while the #digital currency is a competitor to gold, the dollar is not.
Despite Bitcoin's rapid growth, the asset lags far behind the precious metal, which has a market value of nearly $18 trillion compared to Bitcoin's market value of $1.9 trillion. Meanwhile, Bitcoin's volatility has led gold supporters to dismiss its potential as an alternative to gold. Economist Peter Schiff, for example, remains a staunch supporter of gold, emphasizing that bitcoin is doomed to collapse to zero.
Schiff said in his post dated 11/25/2019 that bitcoin lacks the intrinsic value necessary to accumulate value. According to gold lovers, Bitcoin's appeal is purely speculative and is not driven by fundamentals but by (FOMO) and fear of losing faith.
He said that Bitcoin's price growth depends on attracting new buyers and investing in it, and that participants should sell their money before the bubble bursts.
#You don't hold bitcoin and preserve its value. Unlike gold, bitcoin has no real value to store. Owning BITCOIN is a bet that the price will continue to rise because FOMO guarantees that more people will buy and believe in bitcoin in the future than they do today.
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