Messari CEO Defends “Digital Gold” Store Of Value Idea As Still Killer Use Case For Bitcoin
Messari CEO Defends “Digital Gold” Idea As Killer Use Case For Bitcoin
The CEO of the crypto research group Messari, Ryan Selkis, has recently affirmed that Bitcoin has all the potential in the world to be known as the new “digital gold”. According to him, being the substitute for gold is still the best use case for Bitcoin.
This affirmation was made on Bloomberg during a panel named “Bull vs Bear” about Bitcoin, which was made to celebrate the fact that Bitcoin has reached its all-time high about a year ago. Ryan Selkis, from Messari, was put face to face with Mike McGlone, which believes that Bitcoin will be worth $1,500 USD.
Both sides were aided by pro and anti-Bitcoin journalists and experts and the debate was very heated. Despite being outnumbered, Selkis made clear why he believes that Bitcoin can be so valuable to people.
The host Caroline Hyde has asked the man about what the “killer application” of Bitcoin could be as CryptoKitties, which was famous once, has now basically disappeared. Selkis affirmed that the use case for Bitcoin is, basically, “money”. According to him, even if cryptos were able to become only a quarter of the money people save, it would still be a $10 trillion dollar industry.
According to the Bitcoin bull, even on a short-term basis this can be a very promising investment. Despite the affirmations, though, he was sure that using Bitcoin as money daily is not really feasible just yet. Selkis sees a recent shift in the market now but still admits that scalability is not good enough for Bitcoin to become money. He does believe that the Lightning network can help, though.
Is Bitcoin A Great Hedge Among A Future Recession?
NewsBTC, which also reported on this story, has ostensibly covered the fact that most stock markets are up from 300% to 500% ever since the recession hit the U. S. in 2008. According to them, these prices will have to drop some time and ETFs and stocks cannot just keep going up forever.
Because of this, the site defends that the traditional stock market is a bubble and that hundreds of “skeptics crucify Bitcoin” for being a bubble while the traditional market is. The site went to affirm that, obviously, bubbles exist outside of the Bitcoin world. The truth is that the fact that a bubble did happen does not disqualify the crypto market, which will continue to exist.
Selkis agrees with the narrative. He believes that “at some point”, the markets will start to undergo an inflationary recession that will strike the traditional market hard. Then, Bitcoin would be needed.
If everything happens according to these predictions, yes, Bitcoin will be the new gold. It is always very hard to make predictions, though, so Bitcoin has a great chance, but many things have to click in order for the asset to become as important as people want it to be. As Selkis even admitted, scalability issues are Bitcoin’s worst enemies at the moment.