Researcher: Bitcoin Will Easily Surpass Market Cap Of Gold At $8 Trillion (newsbtc.com)
Max Keiser, an anti-establishment figure and popular industry commentator, put it best when he claimed that Bitcoin is a “Peer-to-peer electronic gold system.” In a later tweet, he lauded Bitcoin’s nature as “Unparalleled digital gold,” calling it simply “World-changing.”
While the cryptocurrency godfather, to so speak, seemingly never mentioned the words “Digital” and “Gold” in a single sentence, Bitcoin has been extolled as a replacement for the precious metal.
The Australian crypto researcher, known for his in-depth technical analysis of cryptocurrencies, explained why he expects for Bitcoin’s market capitalization to “Easily exceed” surpass that of traditional gold.
This is the reason why I think Bitcoin will easily exceed golds market cap.
Woo, citing a space-related article outlining the infantile off-Earth mining industry, noted that mathematical scarcity, which Bitcoin enlists, “Beats perceived scarcity.” Referencing the article, which claimed that trillions, even quadrillions & quintillions of dollars worth of gold and other precious metals could exist in near-Earth asteroids, Woo noted that “Perceived scarcity comes only from the technological limitations of today.”
In other words, gold’s hegemony as the de-facto store of value may be usurped over time, especially as humanity’s relentless demand for gold continues and as on-Earth supplies wane, creating a gold rush in outer space.
Speaking with Bloomberg, the CryptoOracle founding partner noted that as consumers continue starting to come to the realization that gold underperforms Bitcoin, the asset could easily surpass $100,000 apiece.
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Related story: European And South American Localbitcoins Markets Show Strength (news.bitcoin.com)
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