Every Day Bitcoin Does Not Die is a Tribute to BTC’s Store of Value Property and Public Trust is Gained
Entrepreneur Dominik Weil recently attended a cryptocurrency conference. While there, he observed that pen panelists questioned the audience “if they would want to lock up a gift with the value of 1m USD (2019 USD value) for the next 10 years either in” fiat/bank deposit, gold, or bitcoin, the majority of the audience chose bitcoin.
Interesting observation from a panel discussion in Vietnam around the status of the "crypto" market:
On the question if audience would want to lock up a gift with the value of 1m USD (2019 USD value) for the next 10 years either in:
1) Fiat / Bank deposit
— Dominik Weil (@DominikWeil) February 18, 2019
Weil proposes that this suggests that though BTC still has to be accepted among the public, at least the investors seem to have long-term faith in the digital asset. Weil tweeted about this poll.
He also does not seem to be the only one to take such a position. According to Spencer Bogart of Blockchain Capital:
“SoV is exactly the reason why there remains tremendous upside in the long-term. Every day Bitcoin does not die – more trust with the public is gained.”
Further, Mike Novogratz, CEO of Galaxy Digital, a merchant bank, also noted that Bitcoin is the only reliable store of value among crypto assets. He also noted that the cryptocurrency has slow black times and transaction throughput, which shows that it is similar to gold.
Barry Silbert, the founder of Digital Currency Group, also took the position that Bitcoin has prevailed in the race against gold.
To support his position, he cited anecdotal evidence and explained that cryptocurrency will be the go-to among millennials who are looking for a store of value. This is because bitcoin is decentralized, non-sovereign, and secure.