Bitcoin Continues to Beat Gold
Cryptocurrency has been an extremely fruitful market for many investors in the space. One of the best of those coins continues to be the one with the highest market capitalization known as bitcoin.
Bitcoin has had an incredible rally this year, and when compared to gold, it continues to beat it out.
This year represents the second year in a row that bitcoin has beat out gold on the Wall Street market, and it doesn’t look like it is slowing down anytime soon. Many continue to ask the question of whether or not bitcoin is a solid investment, and that remains quite a tricky question to answer.
Since bitcoin has been around for such a small amount of time relatively, so many investors do not know how to fully read the space, but the coin has proven to be quite similar in terms of chart patterns, to most other assets.
Professor Geoffrey Smith at the Carey School of Business at Arizona State University stated that “bitcoin has many advantages over government currencies, not the least of which is that its supply is fixed. Thus, its purchasing power cannot be diminished by ‘currency printing’ by governments. See Venezuela and their inflation, for example. Anonymity is also an advantage. The blockchain technology also provides perfect record keeping which eliminates mistakes and the opportunity for fraud and theft.”
The professor further stated that “Bitcoin is also an international currency, which can be used to facilitate international trade. It may also be very useful in low-trust countries with high levels of corruption where the banking system and legal system protections are not very strong. It remains to be seen, however, if it is useful as a currency due to the high volatility. Yet the number of Bitcoin transactions seems to be increasing every day.”
ALSO READ: Gold Vs. Bitcoin: Who You Got?
Source: https://typeboard.com
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