People who do not like crypto have more than a few reasons to defend their position. Canadian TV personality and businessman, Kevin O’Leary (Mr. Wonderful), recently described crypto as “crap” saying it is “not compliant and regulators in all countries do not agree.”
Another major point usually raised is the volatility. There are those who think that decentralized digital assets are a little too unstable to be taken seriously as a real alternative to fiat currency.
However, this instability has served Bitcoin more positively than not, since early April when the coin’s rally began. Since then, it’s been performing so well that it has brought about better returns than gold and is still being pushed by proponents as a better store of value.
Recently, the Keiser report’s Max Keiser, took to his official Twitter to “campaign” about why Bitcoin is much better than gold. Keiser began by comparing both assets regarding their independence, separately. Keiser’s first tweet said:
“Gold cannot offer individual sovereignty to the extent of #Bitcoin. For this reason, BTC will continue to gain market share until reaching market-parity with Gold.”
This is most likely a pointer to the fact that gold is not as unencumbered as Bitcoin. Even if gold is officially a better store of value than Bitcoin, one still has to deal with the fact that there are many restrictions that can affect the transfer of gold between regions with different governments and regulations. Bitcoin doesn't have to face this problem as transferring bitcoin within one region is as easy as a cross-border transfer.
Recently, there was a Grayscale initiative led by Barry Silbert that sought to convince people to focus more on Bitcoin as an alternative to gold. Called DropGold, the campaign gained quite a bit of traction, putting forward more than a few advantages for the use of Bitcoin as opposed to gold, including its speed, transaction clarity and indelibility.
Keiser could also be pointing to the fact that decentralization as in the case of Bitcoin makes sure that there is no one with authority that can affect Bitcoin as in the case of fiat or gold. Keiser then went on to touch on accessibility to funds and services, comparing Bitcoin to fiat. His next tweet said:
“There’s only a 25% chance your bank will be open when you want to wire money (they are only open 40 out of a possible 168 hrs per week).
There is a 100% chance you can send #Bitcoin whenever you want.”
Recently, Keiser even suggested that Bitcoin was responsible for the resurrection of the global gold market. According to him:
“Gold was failing. The message of Hard Money wasn’t getting through. The media and Buffet 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.”
Max Keiser is one of many popular Bitcoin bulls who always take it upon themselves to preach the Bitcoin gospel. Other notable bulls include Senior Market Analyst at eToro, Mati Greenspan and Anthony Pompliano – Co-founder and Partner at Morgan Creek Digital.