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On Tuesday, an anonymous crypto analyst from a popular YouTube channel InvestAnswer shared more light on the future of Bitcoin. The analyst revealed that Bitcoin (BTC) is set to surpass both Gold and Silver in market capitalization in no more than a decade.
Over the years, Bitcoin has been regarded as 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 has been seen as a safe haven.
In the YouTube video, the crypto analyst was able to highlight the underlying difference between Bitcoin and Gold, since Silver is no longer a safe haven and gold has been a more reliable precious metal than Silver.
According to the crypto analyst, there has been distraught among the crypto community on the idea of whether the paper versions of gold and Bitcoin can change their real-world prices and potential price manipulations by financial giants such as JPMorgan and Blackrock.
However, the analyst was kind to shed more light on the growing issue in the YouTube video. He said, “For gold, it’s impossible to know if there is a gold backing to the paper that exists, which makes things very risky. On the other hand with Bitcoin, it’s much easier to prove and check making it much more trustworthy.”
In addition, the analyst stated that he strongly believes that Bitcoin will surpass Gold in 8-10 years, not just because of the preceding reasons but because the cryptocurrency can be so easy to verify.
“Believe me, forget the other 20 advantages that Bitcoin has over gold. I believe Bitcoin will smash gold performance over the next 8 to 10 years because you can verify. Therefore, I know a lot of people are worried 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 stated.
Another crypto analyst David Waugh, the lead analyst of Coinbits, has also backed the cryptocurrency. According to the analyst, Bitcoin’s technological developments make it a superior asset over gold.
He further added that the 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
Recently, the United States Securities and Exchange Commission (SEC) has been given less than a day to file an appeal on the Grayscale plan to convert GBTC into a Bitcoin ETF or will be forced to approve the company’s plan.
If the SEC fails to file an appeal before the end of the day, it could spark a possible bullish run in the crypto market as it means it is not contesting Grayscale’s win.
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.