I‘m delighted to announce some thrilling news in the world of cryptocurrencies!
Have you heard about Jurrien Timmer? He recently stated that the reign of Gold could be shaken by Bitcoin as a store of value. Imagine this: he estimates the valuation of it monetary at $6 trillion, while Bitcoin’s valuation currently stands at $1 trillion. It certainly gives us something to ponder, doesn’t it?
Bitcoin's Ascent : Challenging Gold's Throne
The recent surge of Bitcoin above $50,000 reignites the debate about comparing Bitcoin to the well known metal. Despite the huge gap in their market capitalizations, several analysts predict that Bitcoin could catch up. Jurrien Timmer, Director of Global Macro at Fidelity, even asserts that monetary gold could lose ground to BTC.
Considering that it represents 40% of the total surface gold, Mr. Timmer estimates that monetary gold is currently worth about $6 trillion. He then predicted that “bitcoin will eventually capture about a quarter of the monetary gold market.” With bitcoin’s valuation currently at $1 trillion, a 50% increase in BTC price would be enough to fulfill this prediction. It’s shaking up the status quo a bit, isn’t it?
[…] even relative to gold, Bitcoin has been rising. There’s now a substitution into Bitcoin and we think that is going to continue […]
Cathie Wood, founder, CEO and chief investment officer of ARK Invest
Bitcoin's Rise : Reshaping the Financial Landscape
Meanwhile, the precious metal is losing ground to crypto. Cash-settled Bitcoin ETFs are attracting massive capital, while gold ETFs are experiencing massive fund outflows. Bitcoin is solidifying its status as a store of value.
In conclusion, Jurrien Timmer’s analysis highlights Bitcoin’s gradual ascent as a new store of value. It also reflects the growing recognition of Bitcoin as a pivotal asset, supported by the increasing interest of institutional investors in cryptocurrency.
It’s a real turning point in the history of cryptocurrencies, isn’t it?