Nothing will Stop Bitcoin from Disrupting Gold – Tyler Winklevoss

[Magician]

With the ongoing Bitcoin bull market, many have speculated that the cryptocurrency will soon replace gold as a store of value. Co-Founder of Gemini exchange, Tyler Winklevoss says there is no reason why Bitcoin will not disrupt the gold market.

Source: Twitter

The Bitcoin-gold struggle

Gold has been the top store of value for centuries now. Until now, it has not met any real competition but Bitcoin is about to replace it. This is what many important persons in the cryptocurrency space believe. Keiser Report Host Max Keiser earlier this month in an interview with Kitco News said although Bitcoin is relatively new, it is coming up to a level of maturity that will threaten gold.

Also in a more recent interview with Wells Fargo’s Head of Real Asset Strategy John Laforge cautioned investors against getting too comfortable investing in gold as the price is not performing as expected. According to Laforge, cryptocurrency should not affect the gold price because they are quite new and he expected gold to appreciate despite the surge in Bitcoin price.

Gold, however, has been complacent despite the volatility that has hit the market and that is not characteristic of a good store of value, he added. Although he did mention other metals such as Polonium, crypto enthusiasts still count this as a potential advantage for Bitcoin.

Also Read: Roger Ver Strikes Back at “Dropgold” Proponents, Says Bitcoin is Digital Fool’s Gold

The Dropgold Campaign

Digital Currency Group (DCG) Founder Barry Silbert has been working aggressively on his Dropgold campaign to further the adoption of Bitcoin while reducing patronage for gold. Silbert’s campaign has been quite successful, currently airing on National TV in the United States. With this in place and the skepticism coming from a major gold-friendly company like Wells Fargo, Bitcoin might really have a chance at disrupting the gold industry in the near future.

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[Niteroy]

Bitcoin really confidently intends to oust gold, but I think that he will not succeed in completely ousting gold. Perhaps gold will still remain in the physical world, and Bitcoin will dominate the digital world and they will exist in parallel, although this is just my guess.