Tyler Winklevoss, Gemini Co-Founder, Says: ‘Bitcoin (BTC) Is Better at Being Gold Than Gold Itself’

UTC by Steve Muchoki · 3 min read
Tyler Winklevoss, Gemini Co-Founder, Says: ‘Bitcoin (BTC) Is Better at Being Gold Than Gold Itself’
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The approximate return on investment of Bitcoin (BTC) if purchased at the time of launch (or at the earliest known price) was around 7,615.27% on Monday.

The controversial debate of which is a better store of value between gold and Bitcoin (BTC) has perhaps increased the rift between older generational investors and younger investors. It is evident as seen by a comment by the Co-founder and CEO of Gemini crypto exchange Tyler Winklevoss who claims that Bitcoin is better at being gold than gold.

As he is a younger generational investor and one who has made his fortune through Bitcoin, his perspective can be understood. On the other hand, an older generational investor like Peter Schiff, CEO europac.com, has openly claimed bitcoin can never be compared to gold especially in value.

According to Schiff’s analogy, Bitcoin is so volatile in market price and its not tangible. Schiff advocates for investors to purchase gold as it’s a sure investment to preserve value, as taught by history. Another renowned, experienced and successful investor Warren Buffett has been previously quoted saying Bitcoin has no intrinsic value.

Who is right and who is wrong, it all depends on your needs.

Bitcoin (BTC) as a Better Store of Value than Gold

As we pass through the ‘great filter’ stage, big lessons will be taken from the coronavirus pandemic. Among them is the topic involving Bitcoin as a store of value, a safe haven.

During the pre coronavirus period, Bitcoin’s value was mostly derived from ‘crazy speculation. This is especially seen with the 2017/2018 crypto rally that saw its market price skyrocket within a year.

However, as the world came into the realization that coronavirus is perhaps here to stay and we got to learn and adapt to stay with it, the lifestyle globally has changed a lot. Transaction moved from fiat currency dependency to electronic dependency, in most places. Institutional investors now have more confidence in putting their money with Bitcoin than gold. Especially during the pandemic period, a spike in Bitcoin institutional investors has been noted.

In addition, Bitcoin’s future value can now be predicted through the futures market that has gained traction with most institutional investors led by grayscale.

Bitcoin was trading at around $10,438 as of the time of writing. The asset had a market capitalization of approximately $193 billion, its past 24- hour volume stood at around $31 billion, and its circulation supply was 18,496,418 Bitcoins.

The approximate return on investment of Bitcoin if purchased at the time of launch (or earliest known price) was around 7,615.27% through Monday.

Notably, its all-time low, $65, was recorded in mid-July 2013. Bitcoin’s all-time high, $20,089.00, was recorded in December 2017.

Bitcoin News, Commodities & Futures, Cryptocurrency news, Market News, News
Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies. Mythology is my mystery! "You cannot enslave a mind that knows itself. That values itself. That understands itself."

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