Alex Gurevich is a Mathematics Professor who used to be an executive at J.P. Morgan. He strongly believes that Bitcoin (BTC) is slowly becoming Digital Gold with every single day it remains alive. Gurevich believes that the rise and fall of many Altcoins is a completely natural phenomenon. Even more, it’s something expected and Bitcoin outliving them all is proof that time is working for the Digital Currency. Gurevich stated that precious metals have been a means of exchange for centuries. This is thanks to their ability to remain in an uncorrupted form due to not oxidizing easily.
Despite that, Gold is by no means the rarest Precious Metal and certainly not the most common one. He believes that the unique middle ground which Gold held ended up being a huge advantage. Gold throughout the ages was spread widely enough to be used for jewelry and means of exchange, but it was also rare enough so mining could easily disrupt the price. This particular set of circumstances has allowed Gold to outlive and outshine its competitors, gaining worldwide credibility.
Bitcoin is becoming pure Digital Gold
Alex Gurevich strongly believes that Ether is shaping to be the new “Digital Silver”. Bitcoin however, is more than surely on its way to become Digital Gold. If the Math Professor’s predictions are true, Ethereum’s value will be driven by the demand for tech, the value of Bitcoin will be driven entirely by the need for it to function as a store of value.
The professor explained that BTC is the biggest candidate to gain the title because of the advantage of incumbency has favored the currency. The same way gold did to its competitors, Bitcoin is well on the way to outlasting all possible competition.
Many other experts have recognized this. Steve Wozniak, the co-founder of Apple referred to BTC as “the only pure Digital Gold”. He also said:
“Only Bitcoin can be referred to as pure Digital Gold… and I buy into that. All the other digital currencies tend to give up some of the crucial aspects of Bitcoin. For example, total decentralization and no central control. That’s usually the first one they give up to shape their business model.”
Alex Gurevich also told investors worried about the current price that:
“Every single time Bitcoin makes it through a crisis, it gains extra gold credibility. Time only works FOR Bitcoin, not against it.”
You can also check out:
- Coinmine One: Mining Becoming a Part of Everyday Life - Dec 27, 2019
- Blockchain Games: Huge Potential for Drastic Changes - Dec 23, 2019
- Lition: One Very Small Project Shows Big Opportunity - Dec 20, 2019
- Talent Growth System by Coinbase is Already Practiced by Global Giants - Dec 19, 2019
- Double-Spending: Potential Risks and Integrated Solutions - Dec 18, 2019
Know more than others on any Blockchain Party!
Join more than 5000 others to receive the breaking news and weekly summaries! No ICO spam, we promise.
You have Successfully Subscribed!