Supporters of Bitcoin [BTC] have always made it a point to inform others of the main advantages associated with cryptocurrency, rather than just its price and market dominance. Cryptocurrency’s ‘store of value’ property was brought up again recently after Rhythm, a Bitcoin supporter, tweeted,
“60% of all bitcoins have not moved in one year.
That’s 10.5 million bitcoin being held as a store of value for the last 12 months.
Bank accounts will become as rare as land lines are today.”
The findings suggest that Bitcoin’s prowess lies in its ability to create a transactional ecosystem, rather than act as a method of payment. This idea had been previously forth by a lot of BTC proponents, including Nate Geraci, President of ETF Store, who had said that Bitcoin trumps Gold as choice of store of value among millennials. In his words,
“When we talk to our younger clients, we have a core allocation in our portfolios and they’ll ask about that and say well, what about crypto?And if you talk to primarily millennials and ask them which they prefer, Bitcoin or Gold? its a landslide!”
Garci wasn’t the only person supporting Bitcoin’s ‘store of value’ cause, as he was joined by Jimmy Song, a Bitcoin Core developer who compared Bitcoin to traditional investment assets like real estate. He further equated BTC to the US Dollar, stating that in several countries, Bitcoin was held above the US Dollar.
Despite the bid to pip gold as the industry standard for a store of value, several millions worth of Bitcoin have been transferred between exchanges and wallets recently. On June 6, almost half a billion dollars’ worth of BTC was moved between a couple of unknown wallets, transactions which included popular exchanges like Bittrex and Bitfinex.