Jimmy Song Sees Bitcoin As “Store of Value” Asset, Comparing with Real Estate Investments
The world knows Bitcoin as the largest cryptocurrency to date, and it recently has been hovering above $5,000, giving many people the idea that it is time for a bull run. With the recent drama surrounding Bitfinex and Tether, Bitcoin took a small hit. However, the market as a whole is losing their good reputation that they’ve been earning. Speaking positively regarding Bitcoin, Jimmy Song spoke about its volatility, while still considering it to be a store of value.
Most of the Bitcoin community would easily say that they hope to eventually erase the need for cash, the individuals who have not been involved with cryptocurrency yet clearly do not agree. Song recently posted his Off the Chain video, speaking to Bitcoin as a store of value in the same way that real estate and stocks are considered. He added that being a “store of value asset” does not make Bitcoin less worthy of being called a currency.
Song pointed out that the value of stocks changes over time, and even daily, creating a risk for consumers without deterring them from using it as a story of value. Bitcoin is the same, according to Song, and that Bitcoin’s value has grown over the years, much like real estate.
Song pushed the statement further, saying that Bitcoin is like the US dollar and that there were many countries that saw Bitcoin as being more valuable than the dollar. The hyperinflation of a country was usually the factor that determined how much value they placed on the dollar, according to Song.
Much to the dismay of listeners, he did not speak about the elephant in the room – how Bitcoin rose to over $20,000 and now only holds a value of around $5,000. Presently, BTC is valued at $5,280.59, with a small loss of 0.14% in the last 24 hours.