The co-founder of Gemini cryptocurrency exchange, Tyler Winklevoss, has stated that Bitcoin is better than gold in several ways. Precisely, he tweeted “Bitcoin is better at being gold than gold — and not just incrementally, but by an order of magnitude or 10X better.”
Roughly, in the past ten years, Bitcoin has seen an exponential increase in price, eclipsing several price milestones on its way. Many people are now looking it at as a store of value than a method of payment and the public usually compare Bitcoin with gold, which is regarded as a time tested store of value for thousands of years.
Winklevoss further stated that “I don’t understand why there’s a competition between gold and Bitcoin.”
— Tyler Winklevoss (@tylerwinklevoss) September 21, 2020
A cryptocurrency trader using twitter handle NebraskanGooner opined as follows:
“I consider them both a store of value,” he added. NebraskanGooner, founded LVL, a banking solution in the crypto domain.
Winklevoss has made a social media post containing a chart pitting gold and Bitcoin. Among seven categories, gold dominated one, which is the total value locked in the asset. While gold has a market cap of $9 trillion, Bitcoin’s market cap is only $200 billion.
Other than that, Bitcoin won in all other aspects, including scarcity, portability, durability, divisibility, counterfeit difficulty and storage.
Bitcoin has gained reputation as a store of value among public this year, as several mainstream financial giants have poured money into the asset.