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Bitcoin Has Effectively Replaced Gold?

by George Joe 9 months ago in bitcoin
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Bitcoin Has Effectively Replaced Gold?

Bitcoin Has Effectively Replaced Gold?
Photo by André François McKenzie on Unsplash

Prices for bitcoin and cryptocurrencies rose in October after a difficult September month, with the cryptocurrency market surpassing the $ 2 trillion mark. Bitcoin prices rose on Thursday, September 30, after experiencing a slight drop in prices for two consecutive days. This week, the price movement of Bitcoin (BTC) and gold is our wild card from the ARK Innovation Fund.

The CEO explains that it is difficult for him to estimate the price, but says bitcoin has "successfully" changed instead of gold. "It is difficult for a person like [well-known billionaire] Chamath Palihapitiya to sit down and give you a price forecast, but what he is saying is that Bitcoin is what he believes he can replace gold. the same.

Data from Coinbase estimates gold market capitalization at $ 11 trillion and bitcoin at $ 1 trillion. Speaking to CNBC over fears of inflation and hedge fund favorites, Buffett said gold had been beaten by its rival Bitcoin. According to Buffett, the tangible currency has replaced Bitcoin successfully and will continue to do so over time.

Earlier this year, Palihapitiya told CNBC he saw Bitcoin rise to $ 200,000 over the next decade. He also predicted that bitcoin could rise to $ 200,000 more than its daily price, giving it a market capitalization of more than $ 4 trillion. He did not set a price for Bitcoin but predicted that tangible money could be in line to reach that number within five to ten years in early 2021.

Wapner asked Palihapitiya if he liked the $ 200,000 Bitcoin he proposed earlier this year. The company's capital Champam Palihapitiya has also been asked to predict how the number of Bitcoins will increase dramatically, but he did not give another strong answer as to whether Bitcoin would release gold from the throne. Instead, he predicted that the value of bitcoin would be around $ 200,000 overtime, but declined to make any predictions in the interview.

In a recent interview, Social Capital chief executive Chamath Palihapitiya said Bitcoin had "successfully converted gold" and that its market capitalization had been adjusted to reflect it. Billionaires and investors are urging investors to invest in Bitcoin at least 1% of their portfolios which shows they prefer high-growth companies and companies that make liquid over a few assets such as Bitcoin, due to a lack of integration between the previous and the latter. Billions of bankers in the fastest growing companies, cash-strapped companies, and unsecured assets such as bitcoin.

Many institutional investors are rubbing their shoulders to create a way to continue the collection of digital assets such as Bitcoin. A Bloomberg report in April reinforced that growing feeling when it presented evidence that a large amount of money flows from the gold market into the bitcoin market. Bitcoin has risen sharply as investors call it a hedge against inflation and predict it will serve as a digital alternative to gold.

Evidence suggests that Bitcoin gained momentum over the long-running negotiation between Bitcoin and gold. A Bloomberg report in April argued that Bitcoin was rising as another anti-money laundering asset, a role that was given to gold. The argument that it is better to use Bitcoin than gold has received more support from CEO Chamath Palihapitiya of the public capital.

Billionaire business finance champion Chamath Palihapitiya, founder and CEO of investment company Social Capital and chairman of space company Virgin Galactic, has expressed his belief that Bitcoin has replaced the gold "successfully". In an interview with CNBC at the Delivering Alpha conference, open-ended investor Chamath PALIHAPITIYA revealed that Bitcoin gold has already taken its place and will continue to do so as the market capitalization continues to grow. Palihapitiya is an engineer, associate capitalist, and founder / CEO of Social Capital. He has shown interest in Bitcoin by predicting a $ 200,000 digital currency and believes it will eventually surpass Gold and continue to control it.

Chamath Palihapitiya has invested hundreds of millions in bitcoin and believes it will be difficult to put a veil on cryptocurrencies, he said Wednesday in an interview with Scott Wapner of CNBC. The multi-billion-dollar investor highlighted the benefits of cryptocurrencies like Bitcoin and pointed to growing operating conditions in sectors such as Defi, providing investors with better savings accounts and credit ratings. He is not the only one to bet billions on Bitcoin and deliver alpha to the event.

Bitcoin is a digital version of gold, but I still prefer physical stores of value, but there are factors that need to be considered. Palihapitiya looks at assets that are gateways to natural inflation, including growing growth, money creation, and unrelated assets, and in the case of unrelated assets, Bitcoin is in short supply. However, he remains optimistic about Bitcoin, which is very good at money.

Gold has returned 0% per annum in the same decade, while bitcoin has returned 146%. Gold itself has an estimated market value of $ 1.1 trillion, while Bitcoins have a market capitalization of $ 810 billion. Coinbase estimates the gold market at $ 11 trillion and bitcoins at $ 1 trillion.

The founders of Social Capitals began investing in Bitcoin in 2012, a few years after its inception. With a market capitalization of $ 811.5 million, it is the seventh most widely traded company in the world of cryptocurrency.

This process, called mining, is a work in progress to discover a new bitcoin code for digital equity physical activity to extract gold from the world.

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George Joe

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