Digital Gold: Bitcoin enthusiasts know how much important Bitcoin is and what immense role it plays in the day to day lives of people all over the world. It has just been a decade that the Bitcoin has been readily accepted as one of the best forms of the Cryptocurrency and considering the global financial scene, it has already become 11th largest money supply of the world devoid of a CEO. There are age-old currencies prevalent in the world, but Bitcoin has successfully crossed the money supply of some big countries such as Canada, Australia, Brazil, and South Korea. Recently, a Cryptocurrency trader by the name Rhythm has pointed out this fact in his tweet stating:
Apart from being close to coming in the top 10 list, Bitcoin currently ranks as the 27th largest company of the world with a market capitalization of around $212 billion. But there is still a long way to go for this alternative to keep behind the centuries-old banking system. Microsoft, Apple, Facebook, Google still hold market caps in 500+ billion and when it comes to Amazon, over a trillion dollars have been estimated.
While writing this, Bitcoin currently shows a bull-run trend, priced at around $11,903 while showing a 1.82% increase in the past 24 hours all by itself. However, Bitcoin has been able to establish its image as a store of value; it still is very far behind gold in terms of its market cap. While Bitcoin’s market capitalization is in billions, gold holds a gigantic total cap of over $8 trillion. While at the same time for silver, the market cap value is around $800 billion. In spite of being relatively low in market caps, Bitcoin has been able to grow much faster than other similar assets.
Bitcoin is a technological innovation of the century, whose whitepaper was published by an anonymous entity and presents the world with an entire internet-based financial framework. When it comes to the gold and banks, they have been around for centuries to be precise. Gold has been in usage as a store of value since ancient times and is not unknown. The fact that Bitcoin is even starting to rival the age-old system with its decentralized online system; it is a testament to its game-changing aspects that come with blockchain technology. The ease of usage, cheap transfer of value to others across the world along with much faster than the local banks, transparency, and trustlessness are some of the factors that make Bitcoin stand out of the crowd. The digital asset, Bitcoin, has progressed so much in the past 10 years that it is even termed as the “digital gold” by some of its staunch proponents. As stated by Tuur Demeester, the founder of Adamant Capital:
Shortcomings in the traditional financial framework of the world are also a factor that pushes the Bitcoin proponents to propel the global importance of the digital asset. Since the banks are centralized, policies and decisions made by centralized controlling parties have to be accepted by the users whatsoever. As the Bank of England (BOE) has denied giving Venezuela its gold back earlier this year, here is what the founder of Morgan Creek Digital and staunch Bitcoin bull, Anthony Pompliano had said:
In the past decade, the digital currency Bitcoin has climbed up the ladder of growth much faster than all the other assets. However, the initial use-case of Bitcoin and the broader crypto world was largely driven by illegal usage; increased adoption has also highlighted the positive use of such Cryptocurrencies. Visualizing the promise put forth by the technology lying underneath, blockchain, even Facebook has decided to launch its very own Cryptocurrency named Libra. In the past few years specifically, Bitcoin has progressed on both technological and as well as regulatory ends at a rapid pace. The bull-run of 2017 has put Bitcoin on the global financial scene and a huge amount of intellectual capital and money is flowing into its space for the past couple of years.
The hash rate of the Bitcoin network has also touched an all-time high recently, whereas the network is settling around $3 billion of transactions on a daily basis. Starting all of it with a negative vibe, the ecosystem has now become much healthier. Although Bitcoin has still not gotten rid of its problems like the scalability, regulatory clarity, and prevalence of the illegal activities, increase investor number and regulatory attention is expected to make this ecosystem better moving ahead. If all goes well, Bitcoin is set to disrupt the global financial structure and it will only increase the global Cryptocurrency competition with Facebook coming in to play with its Libra, as next 5-10 years are expected to be significant for Bitcoin. Walmart has also planned for its very own Cryptocurrency that has received no criticism, unlike Libra. It will be quite interesting to see how this tech innovation challenges the USD and gold on the global level with all the promises that it brings.
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