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Hoskinson joins the debate to establish whether bitcoin is digital gold.
There has been a serious debate over whether or not Bitcoin (BTC), the world’s largest cryptocurrency by market cap, should be called digital gold.
The description “digital gold” is an investment case that Bitcoin supporters use to entice many investors to adopt the top asset class. According to these bitcoin enthusiasts, the top asset class can offer the same store of value and utility similar to the yellow precious metal gold.
Charles Hoskinson, a cryptocurrency entrepreneur and founder of Cardano, recently backed the claim that Bitcoin is digital gold.
The Cardano boss made this known in a live YouTube session lasting 16 minutes.
“You hear a lot about Bitcoin being digital gold. It may surprise you that I agree. I think bitcoin is not just digital gold, it has real utility and utility.” Hoskinson was quoted as saying.
Bitcoin is digital gold. Let’s talk about the mine… https://t.co/fTJEsOeGQS
— Charles Hoskinson (@IOHK_Charles) October 3, 2022
Hoskinson: BTC lacks two important properties
While Hoskinson sees BTC as a good store of value, he believes that the cryptocurrency’s massive volatility undermines two key properties of money – medium of exchange and unit of account. However, this cannot be said about gold.
“The problem is that bitcoin is not that good [a means of exchange and unit of account]. It’s hard to price things [BTC]. People tend not to use transactions in real life [Bitcoin]; they just want to save it,” he added.
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