Billionaire and founder of Microstrategy, Micheal Saylor had said that the cryptocurrency Bitcoin (BTC) is now competing against a traditional asset, gold.
There has always been a dispute over the status of cryptocurrencies as a store of value among asset classes such as real estate, bonds, and stocks among other investable assets.
Bitcoin has often been the talk of the town as its value is the highest among crypto assets and is embraced globally.
In a Twitter post Sunday, Saylor made the case for Bitcoin as a worthy store of value, stating, “#Bitcoin competes with gold, collectibles, art, stocks, real estate, bonds, and money as a store of value in the 21st century.”
Saylor’s comment, whose company owns about $3 billion worth of bitcoin, follows the return on investment (ROI) that BTC has offered compared to gold this year.
ALSO READ: New Report Predicts Bitcoin To Hit $188,451, Timeframe Set for New All-Time High
Analysis by Ripples Nigeria showed Bitcoin is up over 47 percent year-to-date, but the gold ounce only managed to squeeze out 0.38 percent growth between January and February this year.
Bitcoin selling price increased by $7,841.87 in the last 56 days from $16,688.85 on January 3, 2023 to $24,530.72 on Sunday February 19, 2023.
Gold, on the other hand, has seen sluggish growth, falling from $1,839 on January 3, 2023 to $1,846 on February 20, 2023.
Meanwhile, Bitcoin fell in value over the weekend, losing -0.14 percent slightly between Friday and Sunday.
Bitcoin’s value fell to $24,530.72 on Sunday from $24,565.60 to close Friday’s trading, according to data from Coinmarketcap.
Join the conversation
opinions
See more
Support Ripples Nigeria, hold up the solution journalism
Balanced, fearless, data-driven journalism comes at a huge financial cost.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and freedom of expression for a joke.
If you like what we do and are willing to uphold solutions journalism, please donate to the Waves Nigeria Cause.
Your support would help ensure that citizens and institutions continue to have free access to credible and reliable information for the development of society.
donate now
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.