Whales Trust Bitcoin as The Next Digital Gold

Bitcoin may act as a store of value independent of other financial markets.
Bitcoin may be inflation-proof, much like a valuable commodity like gold.
The live Bitcoin price today is $20,897.2.

The supporters of Bitcoin frequently refer to it as “digital gold.” The phrase relates to the notion that Bitcoin may act as a store of value that is independent of other financial markets, like equities, and is comparable to the gold store of value.

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Crypto investors also view it as a “safe haven” asset that may protect investors from rising prices and economic volatility that weaken the purchasing power of national currencies like the U.S. dollar.

With a market capitalization of nearly 500 billion dollars, cryptocurrencies are too important to ignore. Like a precious metal like gold, Bitcoin could be inflation-proof. This is because the amount of Bitcoins is limited. In the same accord, the maximum number of Bitcoins that will ever exist is just under 21 Million.

“Bitcoin is the first decentralized cryptocurrency. The supply is limited to 21 Million tokens which makes it anti-inflationary. It’s also can be considered the most liquid and most decentralized. This is enough to say a “store of value” for the web.”- Alex Pipushev, Founder of GTON Capital.

According to Alex, the Bitcoin blockchain has no smart contracts or any other use cases except being “digital gold.”

Michael Saylor, CEO of MicroStrategy and bitcoin proponent, also said last year: “It seems very evident that digital gold will replace gold this decade.”

Additionally, crypto enthusiasts are optimistic about the possibility of Bitcoin dethroning gold as the top alternative safe-haven investment.

Notably, with a live market cap of $401,068,567,29, It currently has an available supply of 19,192,437 BTC and a max supply of 21,000,000 BTC coins. The live Bitcoin price today is $20,897.22, with a 24-hour trading volume of more than $30 billion, according to Coinmarketcap.

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Godfrey Mwirigi

Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.