Bitcoin has officially surpassed 3x the value of gold itself, as market caps reach a sweltering $54 Billion. Other crypto coins have also benefited from the surge in bitcoin price such as Ethereum and even Bitcoin Cash recently, with the total value of crypto coins sitting at a huge $117 Billion point. Bitcoin prices have moved from strength to strength too, over the last week as they topple the $3400 mark and show no signs of slowing down with trading volumes as high as ever.
Bitcoin VS Gold
The comparison between bitcoin and gold may be unfair given the metal’s practical uses but as crypto coins are increasingly being used for many identity and logistics solutions as discussed before, Bitcoin and the likes are set to revolutionize the fintech industry. Recently Overstock also announced it will be keeping half of bitcoin payments as bitcoin rather than converting them to USD further signaling increased confidence in the future of the technology itself. The price of bitcoin currently sits at the $3447 mark while gold lags at $1259 at the time of writing. Prices did peak just above the $3500 mark earlier today further consolidating predictions of a $4000 breakthrough by the end of the year.
To conclude, the gold standard has been the long-term benchmark for valuing currencies and commodities alike. With bitcoin exploding well above 3x the value of gold itself, the value and stability of the coin has increased its credibility as a currency for the future. While the traditional store of value has many benefits such as stability and long-term viability, bitcoin as a storage solution far exceeds expectation as it doesn’t have many of the security vulnerabilities traditional solutions have.