Bank of Singapore Says Cryptocurrencies “Could Replace Gold as a Store of Val...
A new research note released by the Bank of Singapore (BOS) suggests that cryptocurrencies are more likely to replace gold as a store of value. However, the note says it is unlikely that such digital currencies can replace fiat currencies even as their appeal grows. Inefficient Unit of Exchange According to the research note, it is the volatility of cryptocurrencies that makes them “an inefficient unit of exchange.” This inefficiency, in turn, makes cryptocurrencies an unsuitable medium of exchange. Still, as one local outlet report explains, cryptocurrencies stand a better....
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Cryptocurrencies need to overcome a number of hurdles first, though, according to a research note.
Wyre CEO Michael Dunworth has stated that he believes Bitcoin “will replace gold” and the USD as the global reserve currency within 20 years. The chief of the Silicon Valley transfer provider made the comments as part of an interview with InvestorDaily. Among other surprises, Dunworth said that Bitcoin had “superior value” to gold and lacked only market penetration at the current time. Better store of value. “[Bitcoin] will replace gold, and internationally it will replace the USD as the global reserve currency – 20 years or so from now that is,” he told the publication. “Bitcoin has a....
Bitcoin has been pitted against gold at various turns since the digital asset started going mainstream. Enthusiasts have finally settled on referring to the former as ‘digital gold’ while continuing to push that bitcoin will replace gold as the default store of value in the coming years. However, not all bitcoin supporters seem to share this school of thought despite the asset’s growth. Billionaire Ray Dalio is a supporter of bitcoin and has been vocal about his support for the digital asset at various times in the past, but it seems that Dalio does not believe that bitcoin will replace....
Parsing the history of money, stock-to-flow ratio transaction costs and other critical metrics demonstrates that bitcoin will replace gold. The post Pass The Baton Already: Why Bitcoin Is Poised To Replace Gold appeared first on Bitcoin Magazine.
The Winklevoss Twins have described Bitcoin as better than gold because it experiences ‘a lot less volatility’ and is a better store of value at the moment. They cited a Wall Street Journal story in May which described how the virtual currency has been more stable than gold over the last 28 days. Tyler Winklevoss said: “So I think investors who have gold in their portfolio and other precious metals have started to look to Bitcoin as a better store of value. It’s got better characteristics than gold itself. So it’s actually better at being gold than gold. We are seeing investors recognise....