Opinions are divided: is Bitcoin already a gold replacement or doomed? The opinion ECHO.
At CodeCon, Elon Musk not only found that he was not a crypto expert himself, but also that crypto currencies are indestructible. As BTC-ECHO previously reported, he keeps the influence of governments and regulators limited in slowing adoption.
Michael Saylor also shares this opinion. Even in the face of Chinese announcements and the resulting drop in prices, he advises investors to calm down and be confident.
Gavin Andresen: Bitcoin will no longer exist in 2100
The former Bitcoin software developer Gavin Andresen sees it differently. In his recently published Blog-Entry “A Possible Bitcoin Future” he predicts the demise of the Bitcoin network. He expects that the Bitcoin whales will realize by 2100 at the latest that the Subsidy block has fallen to almost zero. As a result, there should be fewer transactions. Since the whales have already made sure that a mirrored chain with wrapped tokens is used for faster transactions, they can simply switch off the Layer One blockchain in the case described.
Ultimately, no new BTC will be produced on the BTC network and zero BTC will be in circulation on the BTC network. There is nothing left to protect and the chain just stops.
Gavin Andresen
At the same time, he still expects the Bitcoin rate to have climbed to 6 million US dollars per coin by 2061. Even if this amount is worth far less due to the extremely high inflation.
Opinions change
Robert Kiyosaki sees a much earlier end to the price rise in mid-October. Then he expects the biggest crash the world has ever seen for BTC, gold and stocks. As a justification, he cites the current situation in the USA. In his eyes, the Treasury Department and the US Federal Reserve have too few T-bills, i.e. short-term debt securities, on their books. That endangers the liquidity of the institutions. Nevertheless, he advises the Hodln.
On September 23, Robert Kiyosaki sounded different: He advised his followers to buy Bitcoin and gold.
Bitcoin = gold?
Interestingly, the Bitcoin-Gold comparison has been greatly encouraged again in the past week. Chamath Palihapitiya, CEO of Social Capital, also has an opinion on this. In his view, Bitcoin has already replaced gold. Here’s what he said in an interview with Delivering Alpha last week:
It will take a while for Bitcoin to overtake Gold in terms of market capitalization. After all, at $ 10 trillion, the gold market cap is roughly ten times larger than Bitcoin’s.