Bitcoin Is Reportedly Maturing Into Digital Store Of Value Like Gold, Says Bloomberg

Bitcoin has been compared to gold for quite a while now.

Some crypto experts even said that Bitcoin is definitely better than gold in terms of a store of value.

Bitcoin, better than gold?

For instance, last month, the billionaire businessman Mark Cuban said during a brand new interview with Kitco that Bitcoin’s fixed supply offers it an advantage over the prominent precious metal.

“I hate gold. Gold is a religion. There’s some fundamental value to gold, but it’s a collectible. I see gold and Bitcoin as being the same thing…”

He continued and said: “Their value is based off supply and demand. The good news about Bitcoin is there’s a finite supply that will ever be created. And the bad news about gold is they’ll keep on mining gold.”

Grayscale and Galaxy Digital say that Bitcoin is as strong as gold

More crypto influencers and firms such as the investment company Grayscale and merchant bank Galaxy Digital are pushing the idea that Bitcoin is a store of value which is as strong as gold.

Grayscale, in particular, launched a full-scale “Drop-Gold” campaign earlier this year.

The multi-million-dollar marketing campaign features a set of TV commercials airing across the US.

The Daily Hodl reported that a senior analyst at Bloomberg Intelligence the price of BTC is beginning to prove their case.

Mike McGlone said that BTC is maturing into a viable alternative to the precious metal.

He compares it to gold and says that he believes that macroeconomic factors will likely offer a strong backbone for the price of BTC.

“Bitcoin is maturing into a digital store-of-value akin to gold. Layers of price support, increasing institutional interest and macroeconomic conditions similar to those aiding gold should keep Bitcoin’s price buoyant.”

Regarding the price of Bitcoin, at the moment of writing this article, BTC is trading in the green and the coin is priced at $10,294.57.


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CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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