Dropping gold for bitcoin has become a popular rally Cory in the cryptocurrency space. Grayscale Investments inspired the catchphrase with an ad that circulated around crypto Twitter and the rest of the social media outlets. Grayscale offers a Bitcoin Trust among several other digital asset trusts.
The commercial has certainly generated a lot of buzzes and has led to inevitable comparisons between the original digital asset and the standard precious metal. After the ad debuted, a lot of popular crypto influencers began repeating the catchphrase, “drop gold for bitcoin.”
Co-Founder and CEO of Gemini and half of the famous Facebook twins, Tyler Winklevoss shares his thoughts on Gold and Bitcoin on Twitter. His tweet focuses on the market cap of gold and he seems to insinuate that bitcoin is headed in the right direction to top gold in the relatively near future.
Bitcoin is gold 2.0. It matches or beats gold across the board. It’s market cap is ~140bil, gold’s market cap is ~7tril. Do the math!
— Tyler Winklevoss (@tylerwinklevoss) May 16, 2019
If Tyler Winklevoss’s scenario comes to fruition and Bitcoin matches or nears the market cap of gold, then one Bitcoin would be worth somewhere near $500,000. This is an eye-popping number, but others have predicted such huge figures for bitcoin as well.
While many crypto enthusiasts and influencers have chimed in on the gold vs Bitcoin debate, some have denounced it as dumb and see no reason for comparison.
The world famous trader Peter L. Brandt contends that he does not see a comparison between the two.
“The Gold v. $BTC dialogue is asinine. Both assets have reasons for being an independent driver of valuation”
He still gave a nod to video from a marketing perspective and has only used the world parabolic with Bitcoin.
While gold has surged recently along with bitcoin, no experts out there are predicting the exponential growth Bitcoin could soon experience.