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Changpeng Zhao, CEO of the largest cryptocurrency exchange by trading volume, Binance, recently provided key insights into why the odds are that Bitcoin contains the world’s top safe haven, gold.
In an interview on Channel News Asia, streamed on Youtube, the popularly known personality in the crypto-verse discussed the prevailing bullish trend of Bitcoin and why it could replace the precious metal as a favorite safe-haven asset.
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“Gold is not very easy to transfer, you have to meet someone physically to actually transfer the gold. It is relatively heavy, if you have to take it to airports, this is also really weird. It is difficult to memorize. You must have physical space.
“It is not easy to verify. You don’t know the density of the gold you are getting. On the other hand, you are always guaranteed that if you take some Bitcoin, get some Bitcoin.
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“Gold is not limited to 100% supply. It’s rare, but if someone discovers another gold mine, there may be more on offer. The supply of bitcoins is very limited. As I see it, gold is a great store of value, but its use case is waning. Bitcoin is definitely the future “, Zhao said.
What they are saying
Last week, Deutsche Bank research strategist Jim Reid provided key insights into what is driving investors to see Bitcoin more as a tool to better protect their cash than traditionally safe-haven assets like gold.
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“Bitcoin is up another + 3% overnight and appears to be creating momentum of its own. It has risen by more than 70% in the past six weeks as more and more investors are starting to see it emerge as a credible asset to invest in. There also seems to be a growing demand for using Bitcoin where gold was used to protect the dollar from risk, inflation and other things “, Reid said.
READ: Newly created accounts for Bitcoin hit their highest level since January 2018
What you should know
- The flagship cryptocurrency, Bitcoin, was trading at $ 18,053.08 at the time of writing, with a daily trading volume of $ 25 billion.
- The price of BTC has risen by 4.1% in the past 24 hours.
