Bitcoin To Replace Gold On Massive Scale

Bitcoin smashed through the resistance level of $60k and now, we’re missing Hodlonaut saying that we’ll never see BTC under $60k again.

A lot of investors are expecting to see the king coin smashing through $70k soon.

Bitcoin to defeat gold as a store-of-value asset

Now, it’s been revealed that the billionaire investor and Shark Tank veteran Mark Cuban said that Bitcoin will beat gold’s supremacy as a store-of-value asset.

In a new interview with UpOnly, he said that although he’s never been convinced that Bitcoin could function well as a currency, he believes that BTC will fully replace gold for a wide range of investors.

“Bitcoin’s great as a platform. It’s accepted now. It’s an alternative asset. It’s going to replace gold in the portfolios of a lot of people and that hopefully will push the price up as long as the whales continue to HODL. But that’s a different type of platform and its utility really only happens when you wrap it, at least as of now,” he said.

Cuban said that while Bitcoin is primed to eat into gold’s market cap, it will do so slowly and only when it becomes easier for non-crypto specialists to gain exposure to the asset.

“You’re starting to see these [exchange-traded funds] pop up and ways for people to buy it. It’s too difficult still to get money into a wallet just to buy Bitcoin. So you need to have somebody that you can work with that is going to hold it for you, right? Because most people are going to be terrified of having that Bitcoin in their own custody,” he said.

He continued and also explained that “so until that’s simple, people are going to want to buy it through traditional means – through their broker, or through Robinhood even, Coinbase to a lesser extent, but just that process of going through the Know-Your-Customer (KYC), AML stuff and connecting to your bank – it’s still too much of a hassle right now. It’s just easier for people to deal with a stock brokerage.”

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I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.