Max Keiser: Bitcoin Community Has A Better Understanding Of Money Than Gold Investors
The increased interest in gold in the past few days has been ignited by the rapid rise in Bitcoin’s price according to Bitcoin enthusiast, Max Keiser.
In the past few weeks, Bitcoin (BTC) has crushed bears spirits by climbing above $11,000 USD pushing the altcoin market along with it. Notwithstanding, Max believes the demand for BTC in the past weeks is a factor for the growth of gold prices as the physical asset crossed $1,400 USD earlier in the week.
Despite the growth on both assets, investors like to pit the two against each other with the increased use of bitcoin as a store of value. Bitcoin is currently mentioned across the industry as “digital gold” or “gold 2.0” showing added enthusiasm of the coin as a SoV rather than a digital currency.
Using BTC as a global currency is yet to take off owing to challenges buried in the platform’s technology and regulation as the main factors hindering adoption. However, as a store of value, BTC is enticing more people from gold with high returns.
Furthermore, “digital gold” is becoming a preference to millennials who are moving away from legacy assets such as bonds, equities and physical gold to purchase BTC.
Max Keiser: “Gold is back, thanks to BTC”
Max is extremely bullish on Bitcoin claiming the coin is set to breach the $100,000 USD mark and will (in 15-20 years) become the best performing asset in the world. The BTC enthusiast tweeted praising the impact BTC is having on gold’s price as the digital coin reignites investors belief towards hard money. He tweeted,
“Gold was failing. The message of Hard Money wasn’t getting through. The media and Buffett hated it. #Bitcoin’s appeal as Hard Money ignited interest in millennials and the financially oppressed globally, and it took off. Now Gold is back, thanks to BTC. You’re welcome.”
Bitcoin’s $200 billion market cap is still way off from reaching gold’s $7 trillion market cap but Max believes the coin will soon replace gold as the top store of value across the world.
“Bitcoin Investors Understand Money better than Gold Investors”
While only being a decade old as compared to the millennia gold has been in use, Bitcoin promises a better system with more educated fan base than physical gold. Since the crypto rush in late 2017, the mainstream media, cryptocurrency communities and investors have all taken up roles in understanding the technology behind Bitcoin.
Keiser further tweeted on the matter saying,
“The #Bitcoin community now has a greater understanding of money and monetary history than the Gold community. This ‘flippining’ is relatively recent, and it explains why Gold Bugs are struggling right now”
The tug of war between gold and BTC is still heating up with commercials popping up asking investors to #DropGold and invest in BTC. The price of BTC has grown exponentially during the year amassing 200% returns for investors and gold shooting up 5% across the year. Such a huge difference in returns may push more millennials towards BTC from gold in the future.