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Flipping Gold is “Inevitable” In Digital Age, Would Take Bitcoin Price to $350,000

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3 mins read
Advertisement

In recent weeks, as Bitcoin price skyrockets, interest in the crypto market has been revived once again. And with it, so has the “digital gold” moniker thanks to Grayscale Investments’ “Drop Gold, Buy Bitcoin” television marketing campaign.

Gold is among the first ever transfers of value used across the globe and is still looked to as a store of value even today, as well as a hedge during economic crisis. However, in today’s digital age, the first ever cryptocurrency as digital gold “flipping” actual physical gold is “inevitable” and when it happens, it’ll take Bitcoin price to $350,000 or more.

Analyst: Bitcoin Flipping Gold is Inevitable

Bitcoin and gold share many similarities, including being used as a currency, transfer of wealth, store of value, and more – they also both can be “mined” for and boast relative scarcity as one of the reasons giving it such value. That scarcity is where the differences between the two assets begin to show.

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Related Reading | Tech Stocks, Oil, and S&P 500: Bitcoin ROI Beats Them All 

Bitcoin is hard capped at 21 million BTC, while there is potentially an endless supply of gold that can be tapped into. Gold having a physical attribute over the crypto asset’s digital-based existence is both a pro and a con for the chemical element, making it ideal for jewelry and other flashy material items, but preventing it from easily being transferred or stored. BTC on the other hand has no physical footprint for storage, and can be sent in seconds with a few clicks.

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The benefits of Bitcoin in today’s digital age far outweighs anything an archaic asset such as gold can provide. One analyst says that because of this, the cryptocurrency flipping gold is “inevitable.”

Bitcoin Flips Gold at a Price of $350,000 Per BTC

Should Bitcoin actually “flip” gold as this analyst and many other predict, it would take the entire BTC market cap – currently at around $155 billion – and take it above gold’s market cap of $7.5 trillion.

Given Bitcoin’s clear benefits over gold, imagining it flipping the tried-and-true asset is simple, however, this would represent an over 4 million percent increase in market cap – a number that when read aloud sounds like an impossible feat.

Related Reading | Bitcoin Price Chart Shows How Surpassing Gold’s Market Cap Is “Easily” Feasible 

But still, if there’s ever been an asset that can give the precious metal a real run for its value, it would be Bitcoin. The unique digital asset has potential to become the global currency for the internet, and most crypto investors expect it to be eventually worth upwards of $100,000 to millions of dollars per BTC. Should those prices ever be achieved, Bitcoin will indeed have a chance to “flip” gold and earn the right to the title “digital” version of the asset.

Featured Image from Shutterstock
Tags: bitcoinbitcoin pricedigital goldgoldGrayscale Investments
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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