By Solomon Odunayo
Bitcoin, the largest cryptocurrency by market capitalization has sometimes been tagged as digital gold, probably due to its mode of growth and development since inception. Many cryptocurrency enthusiasts believe BTC will top Gold eventually, maybe in the distant or nearest future, depending on the scale it is placed.
This usual confidence somewhat convinced a well-known Bitcoin maximalist on Twitter, Rhythm to quantify the chances possessed by Bitcoin to top the highly adored and globally glorified precious metal, Gold. He believes that each BTC would be worth around $350,000 if Bitcoin market capitalization overtakes Gold.
Rhythm Says Bitcoin at $350,000 Would Overthrow Gold
The Bitcoin-centric Twitter user is dedicated to the course of seeing Bitcoin causing disruption in the financial world. He’s accustomed to tweets about the capability of BTC in a financial world ruled by the banks that are fully influenced by the government.
This time, Rhythm is foreseeing how the world would be in the next 20 years. He said by that time, every person under the age of 30 would know Bitcoin and its utilities.
He furthered that Gold presently rules due to its huge market cap, but the digital currency would overtake Gold once in terms of market cap once 1 BTC becomes $350,000.
He said, “By the year 2040, every single person under the age of 30 will not know a world without bitcoin existing in it. This is the only “flippening” that matters. Gold: $7.5 trillion Bitcoin: $0.13 trillion If bitcoin overtakes gold, each coin would be worth $350,000.”
CZ Binance has Similar Opinion
In another scenario, the CEO of Binance, Changpeng Zhao, popularly known as CZ has a similar opinion to what Rhythm asserted. CZ aired his opinion regarding the future of Bitcoin and Gold while reacting to update about German Gold investors that were queuing to acquire the precious metal.
He sentimentally averred that those people queuing to buy Gold will eventually become fans and investors of Bitcoin because BTC is easier to carry and use.
https://twitter.com/cz_binance/status/1210180362556465154
The Chances Bitcoin and Gold Have Over Each Other
Without fear or favor, Gold has somewhat lived up to the expectation of its fans and investors over the years. It actually passed the test of time to some definite extent, considering the year of its discovery to this moment.
On the other hand, Bitcoin came to being about 10 years ago, around the time the world was facing a financial crisis. The digital currency was created to serve as a safe haven for the embattled economy and the global populace.
Bitcoin has since advanced to fulfill the purpose of its creation. The popularity of Bitcoin becomes widespread on a daily basis, whereas, its total market capitalization is still well around 0.13 Trillion, while Gold has accrued relatively $7.5 trillion over the years.
This indicates that Bitcoin has a long way to go before it overthrows Gold, that’s if it would ever happen in our life’s time. However, Bitcoin’s ability to eventually outshine Gold cannot be thrown underfoot, if we put the years of its existence and the challenges it has huddled so far into consideration.
The Big difference Between Gold and Bitcoin is being physical and digital. Considerably, if the world goes fully digital in the coming years, BTC would be favored with a very long margin, while Gold would be otherwise favored if the world remains like it was in the past now.