Billionaire Winklevoss: Bitcoin is going to disrupt gold

Billionaire Winklevoss Bitcoin is going to disrupt gold

Cameron Winklevoss, co-founder of Gemini and the first bitcoin investor to become a billionaire, believes that bitcoin can disrupt the gold market. Gold is traditionally a safe haven with a market capitalization of more than 8 trillion dollars.

For comparison: on August 21, bitcoin has a market capitalization of $ 180 billion, about 2.25 percent of gold.

Portability and scarcity of bitcoin as the most important properties

Winklevoss: “Bitcoin is going to disrupt the gold market, but it will also disrupt any volatile emerging market that does not put the welfare of its citizens first.” He is not the only billionaire who is optimistic about bitcoin. Peter Thiel and Michael Novogratz are also positive about the long-term growth trend of bitcoin.

Bitcoin is going to disrupt gold, but it will also disrupt any volatile emerging market that doesn’t put the welfare of its citizens first and foremost.

– Cameron Winklevoss (@winklevoss) August 18, 2019

Most bitcoin enthusiasts see the transferability and scarcity of BTC as the most important characteristics to get gold off the throne. Or to be able to steal some market share.

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Bitcoin does not yet act as a safe haven for the global stock market. Since June, the price of bitcoin has not grown exponentially, despite all the geopolitical tramalant in that period. Even though the price and therefore the demand for bitcoin has not risen very fast, Winklevoss predicts that bitcoin will take on the role of alternative value storage:

Amazon was e-commerce, and now it’s just commerce. Today Bitcoin is “digital gold” but tomorrow it will be just Bitcoin.

What does it take to continue to develop bitcoin and cryptocurrencys?

It is a cliché but the cryptocurrency sector is still in its infancy. You notice this, for example, in the arbitrariness of regulations and the ignorance of politicians. It is not up to the sector, it is fully developing. There are more and more new products, companies, storage solutions, apps such as BLOX and investment options. As a result, an increasingly large and diverse group of people and companies can be served.

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Brian Armstrong, the CEO of Coinbase, tweeted about a weekly inflow of two to four hundred million dollars from institutional investors:

Whether institutions were going to adopt crypto or not was an open question 12 months ago. I think it is safe to say that we now know the answer. We see 200-400 million dollars in new crypto deposits coming from institutional clients every week.

With the launch of Bakkt in September, liquidity in the cryptocurrency market is expected to increase. But even then, bitcoin still has a long way to go to get the reputation of gold. Gold has been used as a refuge for thousands of years, the market size is fifty times bigger and everyone in the world knows what gold is. Nevertheless, well-known investors remain positive about the role of bitcoin. That is because so many exciting things are being developed and more and more crypto companies are being added.

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