Many times, Bitcoin (BTC) is matched with gold. Both BTC and gold are rare, valuable, and, as seen during the time, they both keep their value over time. But, as VanEck’s Gabor Gurbacs considers, Bitcoin (BTC) can triple its market cap in the case it’s conquering a part of the gold’s market share.
In the last years, since Bitcoin (BTC) “went to the Moon,” especially in December when it reached $20,000, many people and crypto enthusiasts compared BTC with gold. Both assets are valuable, but they’re very different. Gold is still the ideal asset to store value, while Bitcoin (BTC) is still facing high levels of volatility, as well as other issues.
VanEck’s Gabor Gurbacs goes bullish regarding Bitcoin (BTC)
Gabor Gurbacs considers that the things will recover for the leading cryptocurrency on the market, Bitcoin (BTC). According to him, investors in the precious metal will come to put money on the “digital gold” that is BTC. If that would happen, then the largest cryptocurrency by market cap will significantly benefit from this move.
However, since the beginning of the BTC surge, the Bitcoin (BTC) was a long-term investment asset such as gold. On the other hand, short-term prices fluctuations in the Bitcoin’s price are not at all critical in the long-term.
The gold’s market cap sums up approximately $7 trillion, while Bitcoin (BTC) records a market capitalization of about $130 billion.
Winning gold investors, Bitcoin (BTC) can surge considerably
Currently, Bitcoin (BTC) is showing a slight upturn. However, when comparing the current sentiment that surrounds the leading crypto of the market with the drop recorded at the beginning of the year, the recent surge might be considered bullish.
At the moment of this writing, Bitcoin (BTC) trades at $7,370, dropping a shallow 0.8% in the last 24 hours. However, the current quotation doesn’t mirror the right Bitcoin market. In fact, the BTC has vast potential, and its only issue is its volatility, and not the alleged liquidity, as many says.
But, as Gabor Gurbacs pointed out, the cryptocurrencies market, including BTC, needs to mature and become a real industry, something that is not the case right now. Also, as VanEck’s Gurbacs stated if gold investors would turn to Bitcoin (BTC), which is the “digital gold” whatsoever, the leading cryptocurrency of the market would “go to the Moon.”
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.