An anonymous crypto analyst from the popular YouTube channel InvestAnswer said this on Tuesday shared more light on the future of Bitcoin. The analyst revealed this Bitcoin (BTC) will surpass both gold and silver in market capitalization in no more than a decade.
BTC is a safer haven than gold and silver
Over the years, Bitcoin has been considered digital gold due to the fact that the cryptocurrency offers the same benefits as gold, with even additional features. In times of economic and political turbulence, BTC is seen as a safe haven.
In the YouTube video, the crypto analyst was able to highlight the underlying difference between Bitcoin and Gold, as silver is no longer a safe haven and gold is a more reliable precious metal than silver.
According to the crypto analyst, there is dismay within the crypto community over the idea of whether the paper versions of gold and Bitcoin could change their real prices and possible price manipulations by financial giants such as JPMorgan And Black rock.
However, the analyst was kind enough to shed more light on the growing problem in the YouTube video. He said: “For gold it is impossible to know if there is a gold backing for the existing paper, which makes things very risky. On the other hand, with Bitcoin it is much easier to prove and verify, making it much more reliable.”
In addition, the analyst stated that he strongly believes that Bitcoin will outperform Gold in 8-10 years, not only because of the previous reasons, but also because the cryptocurrency can be so easy to verify.
“Believe me, forget the other twenty advantages Bitcoin has over gold. I believe Bitcoin will improve gold performance over the next eight to ten years because you can verify that. That’s why I know a lot of people worry about paper and manipulation by the JPMorgan and the BlackRocks of the world, but they can’t because it can be so easily verified.” he claimed.
Another crypto analyst David Waugh, the chief analyst of Coinbits, has also backed the cryptocurrency. According to the analyst, technological developments make Bitcoin a superior asset compared to gold.
He further added that crypto’s improvements in divisibility, portability, durability, verifiability and scarcity make the digital asset a more efficient and reliable store of value.
Bears gaining upper hand over bulls | Source: BTCUSD on Tradingview.com
Approval of Bitcoin ETF in Grayscale Creates Momentum
Recently, the US Securities and Exchange Commission (SEC) given less than a day to appeal Grayscale’s plan to convert GBTC into a Bitcoin ETF or be forced to approve the company’s plan.
If the SEC fails to file an appeal before the end of the day, it could trigger a potential bullish run in the crypto market as it means Grayscale’s victory will go unchallenged.
Currently, Grayscale owns a significant amount of BTC, which it holds in trust and offers investors shares of the cryptocurrency as GBTC. If the company wins the case with the SEC, it could signal a possible bullish run for Bitcoin.
Featured image of Finance Magnates, chart from Tradingview.com