Has Gold Already Been Replaced by Bitcoin?

7:39 am, Thu, 30 September 21

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Gold vs Bitcoin has been one of the most intriguing debates in the crypto space. Many believe that gold has an unmatchable value, while others believe Bitcoin will eventually become more valuable.

Bitcoin is the flagship crypto asset, however, it is not something solid and its value is quite volatile. Gold on the other hand is considered to be a more tangible asset.

However, it cannot be denied that Bitcoin has significance and is likely to become more prominent in the future. The CEO of Social Capital, Chamath Palihapitiya, also believes it and has stated that BTC has “effectively replaced” gold. Let’s find out more details.

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Details You Should Know

Chamath Palihapitiya is a venture capitalist, among other things, and also the former senior executive at Facebook. He is now the CEO of Social Capital, which is a venture capital firm based in California.

During a Delivering Alpha conference today, Palihapitiya stated that he’s quite confident regarding the fact that Bitcoin has replaced gold.

Billionaire Palihapitiya did not make any specific price predictions for the flagship cryptocurrency. However, he does expect the market cap of Bitcoin to continue growing with time.

Previously, Palihapitiya predicted that Bitcoin can reach around $200,000. However, he was also clear regarding the timeline as according to him, it would take nearly 10 years for BTC to hit that mark.

The former Facebook executive has also expressed his concern for inflation. While talking about inflation, it seems that Palihapitiya is placing his bets on digital assets like BTC, hyper-growth companies and cash flow businesses.

According to recent news, Social Capital CEO also stated that he believes crypto will become quite big. He stated:

I’m a huge intellectual bull. It could get very big. We all need to pay attention to it.”

Could We Possibly See a Price Surge for BTC?

Bitcoin is the world’s largest digital currency and is currently trading at $43,570 (at the time of writing). It has been going through some ups and downs as seen in the graph by CoinGecko.

btc-graph-30-09-2021

The slight price corrections that are seen by Bitcoin are considered to be important and help in giving a boost to its price. According to the financier, Mike Novogratz, there could be another rally for Bitcoin in Q4 of 2021, that can be seen after a period of consolidation.

Therefore, there could be some kind of price surge afterward. However, that is yet to be seen in real life as the crypto space is impacted by numerous factors.

Nonetheless, if you are interested in stepping into the crypto space, make sure you choose some of the largest Bitcoin exchanges.

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