There has been a controversy about what is a better store of value, Bitcoin or gold. This argument has been worsened by the Dropgold campaign which was started by Grayscale. So far, the campaign has made significant progress with airing on major television channels. However, some strong gold proponents still believe that gold is better than Bitcoin.
To get an idea of what normal people think about the options, CNBC Futures Now set up a Twitter poll to know if traders prefer Bitcoin, gold or silver. The poll which involved 4,221 respondents had 75% of them choosing Bitcoin as a safety trade. The remaining votes were shared between gold and silver which had 19% and 6% of the votes respectively.
— CNBC Futures Now (@CNBCFuturesNow) July 27, 2019
The poll suggests that Bitcoin has gained a level of popularity among investors as a store of value. While gold has been used for centuries as a store of value, it has been limited by factors such as the weight and how much space it occupies while being transported.
This is a major limitation especially now that investors want to be able to move their wealth around without being noticed and Bitcoin presents the perfect environment for that as it does not have weight nor occupy space.
Bitcoin became even more popular at the start of the U.S-China trade war when the Chinese Yuan started depreciating and investors were looking for a safe haven to save their funds. The growing popularity of Bitcoin could be the explanation for why the price has multiplied several times in 2019 alone.
The war between gold and Bitcoin may not be ending anytime soon, but this poll may be a pointer to what may happen in the future as technology continues to expand and everything becomes digitized.
Though the poll suggests Bitcoin is more popular as a safe investment, its price suggests otherwise at the time as it struggles to reclaim $10,000. The market is showing signs of recovery but how long it will last and how high the price will go is uncertain for now as some analysts expect a dip to the $8ks.