Bitcoin More Popular Than Gold
Gold has been used as a precious metal for long-term investment throughout history. Also it is used as decoration, particularly in jewelry business.
But now this valuable metal is losing its position thanks to appearance of Bitcoin. Presently, Bitcoin is more popular than gold. Many specialists consider the digital coin is superior over the precious metal. Among them is Steve Wozniak, co-founder of Apple, who pointed that ‘Bitcoin is better than gold’.
Wozniak’s sentiment seems to be shared by a growing number of investors, as reflected by their interest in the cryptocurrency.
According to The Telegraph:
Online searches for information on buying Bitcoin now far outstrip equivalent searches about investing in gold – even at the peak of the banking crisis, when investors feared a full-blown collapse of the world’s financial and banking systems.
Bitcoin Surpasses Gold In Value
Earlier this year, on 3rd March, the virtual coin surpassed the cost of gold ounce. Bitcoin reached $1,268 USD for one asset, while the value of gold was $1,233 USD for one ounce. From that period, the difference in value between these two assets has risen. Presently, Bitcoin’s price is over $14,000, while the gold costs $1,266.70 per ounce.
Bitcoin is recognized as a store of value. And, it has proved to be a safe-haven currency during crisis situations, such as was witnessed during the Brexit fallout.
However, gold still has certain advantages over Bitcoin. It can be used as an outright gift, to make jewelry, and in the manufacturing of certain products.
The outdated banking system and the three-thousand-year-old monetary system are becoming casualties of the cryptocurrency’s all-encompassing technological revolution. For the first time in history, thanks to Bitcoin, gold has met its match. Indeed, as of today’s market data, the cryptocurrency is obviously shadowing gold.