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The largest cryptocurrency by market cap, Bitcoin may perhaps snatch gold’s store of value status, as per Mike Alfred, the CEO and co-founder of Digital Assets Data, a fintech and analytics company building data feeds for cryptocurrency hedge funds.
Alfred mentioned,
“I see Bitcoin replacing gold as the hardest money for savers with long time horizons.”
He added,
“Young people are far more interested in Bitcoin in a world where the economy becomes increasingly online and virtual.”
Alfred mentioned,
“The most compelling use cases continue to be in emerging markets where monetary instability and inflation makes it extremely risky to save in the local currency.”
For instance, in the last couple of years, Venezuela was hit hard by inflation. The country found itself sinking in ten million percent inflation by the latter half of the last year. Nevertheless, Bitcoin found superior admiration in the midst of such money plights.
Alfred suggested,
“As Bitcoin becomes more accepted, it will be used in more financial transactions and accepted by an increasing number of tax authorities.”
He added,
“Eventually Bitcoin could be completely interwoven into the fabric of the global economy.”
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