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Bitcoin to replace gold in 20 years

According to CEO of Wyre Michael Danworth, Bitcoin will replace gold and the USD as the global reserve currency within 20 years.

During an interview with Investordaily, the chief of the Silicon Valley transfer provider expressed his views on the future of cryptocurrency.

Among other surprise annoincement, Dunworth said that Bitcoin had “superior value” to gold and lacked only market penetration at the current time.

Better store of value

Danworth told the news agency following:

ʺBitcoin will replace gold and it will replace the USD internationally as the global reserve currency. This will take about 20 years from now on. Bitcoin has a superior value to gold in its store of value and usability. However, it has received nowhere near the same penetration.ʺ

Danworth is just the latest cryptocurrency industry figure, who has recently championed Bitcoin’s inherent use case as a store of value rather than a currency.

Against the background of recent price surge, an entrepreneur Vinny Lingham stated that Bitcoin’s development as a currency was in the final stage of a long process, one that is not the most important in 2017.

He tweeted that the virtual currency was important, firstly, as a commodity and subsequently as a store of value.

Phase 1 of Bitcoin (2008-2016) = Creating a Digital Commodity.

Phase 2 = Proving it as a Store of Value.

Phase 3 = Adopting it as a Currency

Despite bouncing down below $1000, Lingham said that price fluctuations did not necessarily represent a bubble and therefore instability as an asset.

 The businessman left the following comment:

ʺI think that if we go above $4,000 this year, we will be in a bubble. It should be slow and steady growth to $3,000. The best we can hope for is that it stays below $2,000 for the next three months at least.ʺ

Buying shares in ‘Internet of money’

Danworth also admitted that short-term volatility of any kind acts as a deterrent to some more wary investors. Nonetheless, the classic comparison between Bitcoin and the early Internet is still valid in his eyes:

“Imagine, if you could go back to 1991 and were able to buy shares in ‘the Internet,’ would you? You definitely would, because you know now that it’s the most impactful thing in the world. The Blockchain and Bitcoin are the ‘Internet of money’, so Bitcoins are great opportunity to buy shares.”

Source: allcoinshome

  • February 6, 2017 2:46 PM MSK