Digital Assets Data CEO Mike Alfred Says Bitcoin Will Replace Gold
Digital Assets Data CEO Mike Alfred Says Bitcoin Will Replace Gold
May 29, 2020
Digital Assets Data CEO Mike Alfred Says Bitcoin Will Replace Gold
Digital Assets Data CEO Mike Alfred Says Bitcoin Will Replace Gold
May 29, 2020

Mike Alfred, the CEO and co-founder of Digital Assets Data, an analytics firm, has said that Bitcoin (BTC) will replace gold.

Alfred said:

“I see Bitcoin replacing gold as the hardest money for savers with long time horizons.”

He added:

“Young people are far more interested in Bitcoin in a world where the economy becomes increasingly online and virtual.”

It has been reported that Bitcoin has traveled a price path from less than a dollar, all the way up to nearly $20,000 since its launch over a decade ago. According to analysis from crypto Twitter analyst PlanB, in that time period, the asset has changed roles several times, from a transactional currency to a financial asset, and everything in between.

However, Alfred commented:

“The most compelling use cases continue to be in emerging markets where monetary instability and inflation makes it extremely risky to save in the local currency.”

For example, Venezuela was hit hard by inflation in recent years, finding itself drowning in 10,000,000% inflation by the latter half of 2019, as Bitcoin found greater popularity in the middle of such cash troubles.  

ALSO READ :  Don Tapscott Says DLT Is The Foundational Technology Of “The Second Digital Era”

Alfred asserted:

“As Bitcoin becomes more accepted, it will be used in more financial transactions and accepted by an increasing number of tax authorities. Eventually Bitcoin could be completely interwoven into the fabric of the global economy.”

Likewise, not everyone sees Bitcoin in a positive light.

Peter Schiff, the Economist and Bitcoin skeptic has tweeted a number of comments against Bitcoin by preferring gold as an investment.

Bitcoin posted astronomical price gains over the last decade, as crypto space participants often point out. Noting such statistics, Schiff predicted the coming years as gold’s time to shine as Bitcoin loses value.

Schiff tweeted:

“Over the past several years Bitcoin hodlers poked fun at gold investors because Bitcoin gained so much more than gold.”

He added:

“Over the next several years those roles will reverse, but not because gold rises more than Bitcoin, but because gold moons as Bitcoin crashes back to earth.”

Thus, many crypto industry participants have countered various arguments against BTC over the years.

ALSO READ :  MakerDAO Launches Multi-Collateral Dai

Source: Cointelegraph | Image: CoinCentral


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.