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The bitcoin which suffered a significant price fall has been compared to gold in several cases. The most recent comparison between Bitcoin and real gold was made by Alex Gurevich, CIO of HonTe Investments and former JP Morgan consultant. He explained in a series of statements that, with the way the bitcoin holds firm, the currency could easily be considered as the digital equivalent of gold and is effectively strengthening every day. He also let it be known that once the currency survives the current bear market and returns to its high levels, the currency would have completely established itself as a digital gold.
Bitcoin as a digital equivalent of gold
Gurevich explains it further in a statement that reads:
"Among the precious metals, however, gold is neither the rarest (platinum and palladium are more difficult to find) nor common enough, like silver … My hypothesis is that in the over many centuries the precious metal has hit its "golden" means, it is quite common to be a world currency, but it is not so common that mining can interrupt its price ".
According to Gurevich, if you make careful observation and research, you will find that the price of Bitcoin behaves similarly to other precious metals such as gold and platinum.
He also referred to the fact that Bitcoin is much older than all cryptocurrencies because it is the first cryptocurrency to be created. As a result of its age, it has more chances to replace precious metals as a safe haven for investment than any other altcoin.
He clarified it in a statement that reads:
"In summary, despite the rise and fall of various considerations on altcoin and fork," time "works FOR bitcoin, not VS. Every day does not disappear, it is approaching a permanent level to digital gold" .
Gurevich also made it clear that there are other Altcoins that can be compared to a precious metal and could be a digital version of such a precious metal. A good example is that of Ethereum (ETH), which it considers a "digitalcopper".
