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Despite the sluggish price, the most popular cryptocurrency in the world has liquidated more volume of transactions than gold since the second quarter of 2017.
Bitcoin showing more utility of gold
Bitcoin [19659004] 0 0 is on the way to erase more transaction volume than the global gold markets.
Bitcoin has erased more volumes of TX than global gold markets since the beginning of 2017.
BTC: underway to process $ 1.1 trillion transactions 2018
to the point of processing $ 0.4 trillion transactions in 2018Sources: https://t.co/eVqQiq56gv for BTChttps: //t.co/zqh4eykqNb for Gold pic.twitter.com/oc5piRvrXE [19659008] – Kevin Rooke (@kerooke) 15 August 2018
It is interesting to note, however, that this is not an isolated event: it happened coherently from the second quarter of 2017 after the world's first "parity" cryptocurrency hit with the price of one ounce of gold in the spring of last year [19659008] It is also worth noting that, despite the serious success of Bitcoin in 2018, it is still higher than that of the precious metal by a factor of two.
In less than a decade, Bitcoin is already proving to have more utility in the digital era of precious metal that has been in fact a storehouse of value for thousands of years.
Commonly Compared
This is far from being the first time gold has been compared to the world's largest cryptocurrency. John Pfeffer, serial entrepreneur and partner of Pfeffer Capital, said at the beginning of this year that Bitcoin is the first viable alternative to gold.
Even the famous twins Winklevoss made a strong statement at the end of 2017, saying:
Taking bitcoins in isolation … we believe that the bitcoin upsets the gold. We think it's a better gold, if you look at the properties of money. And what makes gold gold? Shortage. Bitcoin is currently fixed in the supply, so it is better than poor … it is more portable, it is fungible, it is more durable.
The director of VanEck / MVIS also talked a lot about the cryptocurrency with respect to gold, noting this:
Gold today has about 7 trillion dollars in circulation. If you take, for example, 5 to 10 percent – I will let everyone do the calculations – the bitcoin is on the upside.
Meanwhile, at the time of writing this, all the first 20 cryptocurrencies but Ethereum Classic are traded in the green, according to CoinMarketCap. Bitcoin (BTC) 0 0 is recovering slightly after diving below $ 6,000 at the start of the week.
Is bitcoin rapidly supplanting the precious metal in the digital age? Share below
Images courtesy of Shutterstock
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