Singapore – Since Bitcoin reached its all-time high value, many crypto enthusiasts have been stating their thoughts regarding the digital asset. Some tell viewers that the top one crypto asset is “not yet” the new Gold. According to the American publishing executive Steve Forbes, Bitcoin’s value is too volatile, and he believes that the supply will someday hinder its future usefulness.
Many people are still sceptical in the finance world and believe that cryptocurrencies like Bitcoin still have a long way to go from here. Forbes is a Bitcoin pessimist and believes that it is a no-match from Gold since the commodity has been the monetary standard for over 4,000 years. The business magazine CEO also told people some inside tips on how to navigate crypto’s turbulent world.
In the recent YouTube short film, Forbes highlighted that Bitcoin has been on a tear this year. BTC’s biggest booster is the fear that central banks and the Federal Reserve are printing too much money. He also stated that Bitcoin only works best when it has a stable value.
Currently, Bitcoin is trading at above US$19,000 per coin, while Gold is trying to get back above US$1,900 per ounce. Millions of investors have used this precious metal to avoid inflations and protect their wealth. Unlike Bitcoin, Gold has performed best when traders and investors are uncertain about the economy.
Many crypto enthusiasts believe that Bitcoin can be the new Gold since it earned over 150% year-to-date returns while Gold only has 20%. However, the gains alone aren’t enough to consider that Gold already reached its highest level ever.
With Gold struggling with resistance and Bitcoin running around US$20,000, the precious metal demand will surely decrease. If the leading digital asset continues to surge and break its support levels, more people will choose Bitcoin against Gold.