Bitcoin may never escape its ongoing comparisons to gold.
According to Tyler Winklevoss, co-founder of the Gemini crypto exchange, Bitcoin beats gold at its own game.
“Bitcoin is better at being gold than gold — and not just incrementally, but by an order of magnitude or 10X better,” Winklevoss said in a Sept. 21 tweet.
Over the last decade or so, Bitcoin has risen dramatically in price, surpassing numerous landmark price comparisons along the way. For many, it is now seen more as a store of value than a transactional currency, and the public often compares the digital coin against gold; a time-tested method of value storage used for thousands of years.
“I don’t understand why there’s a competition between gold and Bitcoin,” NebraskanGooner, a pseudonymous crypto trader on Twitter, told Cointelegraph. “I consider them both a store of value,” he added. NebraskanGooner is also the founder of LVL, a banking solution in the crypto space.
In his social media post, Winklevoss included a chart pitting the two assets against each other. Out of seven categories, gold ruled one — the total amount money held in the asset. Gold has a market cap of $9 trillion, while BTC has a market cap of $200 billion. Otherwise, Bitcoin took the win for scarcity, durability, portability, divisibility, storage and counterfeit difficulty.
Bitcoin has also recently gained further notoriety as a store of value in the mainstream public eye in 2020, as multiple mainstream giants have invested heavily into the asset.