Will Bitcoin replace gold? Within twenty years! - CEO Block.one

Gold has been a value holder for centuries. No other metal or commodity has earned such a place. And now it seems that the time of gold as a solid value holder is rapidly heading to the end. 

 

Bitcoin and gold 

There are many arguments why Bitcoin will not replace gold. These include, for example, lot of lost BTCs, when many users lost USB with private keys to their wallets, which today are worth tens of millions of dollars.  

 

Another problem with BTC is, according to critics, the absence of its value. Basically, they claim that BTC is a totally worthless form of property. With this, it can be minimized by the fact that the BTC not only is not priced at zero, but on the contrary, has reached up to $ 20,000 per piece. 

 

Certainly, it is still only speculation what every cryptoinvestor knows. Just remember when you last used a BTC or other cryptocurrency to do some real work. However, the development of this technology and the building of a very specific infrastructure that will enable the use of cryptocurrencies will help.

It is worth mentioning the Pundix project, which produces terminals for merchants that can receive cryptocurrencies safely and quickly. 

 

You might be interest in: Tom Lee BTC price prediction

 

BTC as divisible gold 

Bitcoin currently has weaknesses and there is no need to deny it. Indeed, BTC will never completely replace gold. What is being discussed is the question of whether Bitcoin will become the dominant asset for holding value. And here is the full advantage of BTC. Both gold and BTC can be traded digitally, which is definitely a plus, but gold is a form of play. If you buy gold on the stock exchange, you will most likely never see it and you will not really own it.  

 

Precious metals are not divisible. Bitcoin is divisible to eight decimal places (ETH to 18). While you get very hard on your gold, BTC can each inherently possess in seconds, even small amounts (8 decimal places are really a lot). The possibility of owning even tiny amounts is important eg. for relatively poor people who have the chance to get at least some non-remunerated property. Brendan Blumer of Block.one believes that the BTC will replace gold within 20 years.

 

Over the next two decades, #Bitcoin will replace #gold as the leading commodity to store value

— BrendanBlumer (@BrendanBlumer) March 17, 2019

 

Does the BTC really replace gold as a custody value? It seems likely. It has ideal features. Indeed, like many other cryptos.