Bitcoin’s [BTC] rise and fall on the cryptocurrency charts have been a sight to behold, with cascading events in the industry being attributed to its price movement. A recent post by planB suggests that Bitcoin has escaped the utility asset domain of Platinum, Palladium, and Silver and has entered the monetary asset domain of BTC’s biggest rival, gold.
This information was tabulated by marking Bitcoin’s growth against its market value and the scarcity of the asset. At the moment, gold held the top position on the charts with a market value of nearly $10 trillion, with Bitcoin hot on its trail and clocking a market value close to $150 billion. Palladium and Platinum were left behind by the world’s largest cryptocurrency, as both of them amassed a market value of approximately $10 billion and $5 billion, respectively.
BTC’s competition with gold has also been fueled by several other movements aimed to topple gold, with the latest and most famous example being the #DropGold campaign started by Grayscale Investments. The Barry Silbert-led organization has made it a mission to ensure that users in the ecosystem realize the potential benefits of Bitcoin and use it to switch from gold. In the latest report released by Grayscale, it was mentioned that all Bitcoin needs to topple gold is time, as the digital asset is only a decade old, compared to gold’s perennial existence.
Grayscale’s article added that “it’s still early” to rule Bitcoin out of the race, despite the fact that its value is only a tiny fraction of the trillion dollar behemoth. The article read,
“With an estimated $68 trillion in generational wealth changing hands over the next 25 years (including $48 trillion from Boomers), we may see more investment dollars make their way into uncorrelated assets like Bitcoin.”
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