Bitcoin is the pioneer crypto, and many people have grown to love and adopt it. It has also been touted as a credible store of value that could soon out-do Gold. For starters, Bitcoin seems to have all the qualities relative to Gold as a store of value.
Just like Gold, Bitcoin is designed to be scarce, a peculiar aspect that has worked well to maintain its high value in the market. For one, Bitcoin’s supply is capped, and its progressive supply is fairly predictable. The total supply is capped at just 21 million coins, and every block mined, 12.5 Bitcoins are released in the form of a reward to the miners.
While Bitcoin is comparable to Gold as a store of value, its advanced market system makes it a serious competitor to Gold. For one, Bitcoin can be transferred securely, easily, cheaply, and very fast via electronic means.
That’s not the case with Gold since the parties involved have to plan for the physical security, cost of transport, and delivery of the purchase. These factors have led many to believe that, indeed, Bitcoin will overtake Gold in the near future.