Since crypto has been gaining popularity, there’s been this debate regarding which in the winner these days between gold and crypto as a store of value.
Also, crypto is fighting fiat currencies with a lot of important voices saying that digital assets are much more viable compared to fiat.
Bitcoin vs. gold – store of value
Billionaire Tim Draper made a prediction a while ago saying that BTC will hit $250k by 2023 and it seems that he’s sticking to what he said.
In a brand new interview with YouTube’s Wendy O, he said that he believed BTC is already a stronger store of value compared to gold.
“Gold is so gone. What would you use gold for when you can store value with Bitcoin? It’s nonsense. But I’m sure a lot of people still do it, and they think of the gold standard as the good coin. But I look at it, and I say, ‘What? You’re comparing Bitcoin to gold?’ It’s like ten generations from when we used gold to transfer value,” he stated.
Crypto as a form of payment
Draper also said that more than being a store of value, BTC will one day be used widely as a form of payment and this is set to happen once its value hits a high enough mark.
On the other hand, PayPal CEO Dan Schulman does not agree to this. During a recent interview with CNBC, he said that he doesn’t believe that crypto can really compete with fiat currencies.
He cited a lack of retail adoption as a primary example of the industry’s struggle to hit the mainstream.
He basically sidesteps the use of crypto for remittances, the use of BTC as a store of value as reported by the Daily Hodl.
Here’s what he had to say: “I have always thought that crypto was more of a reward mechanism for implementing blockchain as opposed to really a currency. And we’re not seeing many retailers at all accept any of the cryptocurrencies. But I think the underlying technology is still very interesting.”