Forbes sees in Bitcoin a viable competitor for gold even if the digital asset has not been around for such a long time.
Forbes’ author Clem Chambers just said that Bitcoin is gradually taking the place of gold.
In a recent article published on Forbes, the author addressed a bullish BTC price prediction and said that we are definitely out of the crypto winter.
This has been said by various analysts and crypto experts by now especially after the recent bulls that hit the market and managed to push the BCT price above $5,000.
BTC vs. gold
In his article, Chambers highlighted the fact that gold is still the best option for storing value and it has been like this for a really long time.
He said that for lots of investors gold is still serving as a hedge asset against equities.
On the other hand, he made sure to mention the fact that we can definitely not overlook Bitcoin because the digital asset is on the market for a while and it managed to work without interruptions all this time and survive.
Forbes’ author said that “Gold production is $140 billion, so that’s the amount of fiat that most come into the system to keep its price around $1,300 an ounce. Both assets have about the same emission as a percentage; the difference being the market cap of gold is about $5 trillion, and bitcoin is $0.09 trillion.”
He concluded that Bitcoin is definitely a serious rival for gold.
BTC could hit $10k by the end of the year
Forbes’ author also made a price prediction regarding the most important digital asset in the crypto space.
“Now bitcoin is going up, and I will be saying “It’s going up.” I think it will hit $6,000 soon and go on to $10,000. At $10,000 I will look to recalibrate. For now, the crypto winter is over.”
Fergus Reynolds joined Crypto Daily Gazette as managing editor in January of 2018 and is helping to lead the digital media startup’s next phase of expansion. A veteran business journalist with more than 10 years experience economics, Fergus has published content for Huff Post and Buzz Fee and was among the earliest journalists covering bitcoin and the innovations it later inspired. Fergus tells us he has “several” bitcoins.