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.”
#Bitcoin is better at being gold than gold — and not just incrementally, but by an order of magnitude or 10X better. pic.twitter.com/rhKOQD44AZ
— 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.