On Tuesday, an anonymous crypto analyst from a popular YouTube channel InvestAnswer shared More light on the future of bitcoin. The analyst revealed that bitcoin (btc) It is projected to surpass both gold and silver in market capitalization in no more than a decade.
btc is a safer haven than gold and silver
Over the years, bitcoin has been considered as digital gold due to the fact that cryptocurrency offers the same benefits as gold and even additional features. In times of economic and political turmoil, btc has been seen as a safe haven.
In the YouTube video, the crypto analyst was able to highlight the underlying difference between bitcoin and gold, as silver is no longer a safe haven and gold has been a more reliable precious metal than silver.
According to the crypto analyst, there has been angst among the crypto community over the idea of whether paper versions of gold and bitcoin can change their prices in the real world and possible price manipulations by financial giants such as JPMorgan and bitcoin-allocation/” rel=”nofollow”>Black Rock.
However, the analyst was kind enough to shed more light on the growing problem in the YouTube video. He said: “For gold, it is impossible to know if there is a gold backing for paper, which makes things very risky. On the other hand, with bitcoin, it is much easier to test and verify, which makes it much more reliable.”
Furthermore, the analyst stated that he firmly believes that bitcoin will surpass Gold in 8 to 10 years, not only for the reasons above but because cryptocurrency can be very easy to verify.
“Believe me, forget about the other 20 advantages bitcoin has over gold. I think bitcoin will outperform gold in the next 8-10 years because you can verify it. So, I know a lot of people are worried about the role and manipulation by the JPMorgan and the BlackRocks of the world, but they can’t do it because it can be verified so easily.” he stated.
Another crypto analyst, David Waugh, principal analyst at Coinbits, also backed the cryptocurrency. According to the analyst, bitcoin‘s technological advances make it a superior asset to gold.
He further added that cryptocurrencies’ improvements in divisibility, portability, durability, verifiability and scarcity make the digital asset a more efficient and reliable store of value.
<img decoding="async" class="aligncenter" src="https://technicalterrence.com/wp-content/uploads/2023/10/Bloomberg-Analyst-Predicts-Likelihood-of-Bitcoin-Spot-ETF-by-January" alt="Tradingview.com bitcoin Price Chart (Gold and Silver)” width=”2804″ height=”1746″ loading=”lazy”/>
Bears gaining upper hand over bulls | Source: BTCUSD on Tradingview.com
Grayscale bitcoin ETF Approval Builds Momentum
Recently, the United States Securities and Exchange Commission (SEC) bitcoin-trust-gbtc-bitcoin-breakout/” rel=”nofollow”>has been given less than a day will file an appeal over Grayscale’s plan to convert GBTC into a bitcoin ETF or be forced to approve the company’s plan.
If the SEC does not file an appeal by the end of the day, it could spark a potential bull run in the cryptocurrency market as it means it is not challenging Grayscale’s victory.
Grayscale currently owns a significant amount of btc, which it holds in trust and offers investors shares of the cryptocurrency such as GBTC. If the company wins the case with the SEC, it could signal a possible bull run for bitcoin.
Featured image from Finance Magnates, chart from Tradingview.com
