Since its birth, Bitcoin (BTC) has been lauded as an alternative to traditional assets day in and day out. Most notably, the cryptocurrency is. in the eyes of some pundits, a replacement to gold, specifically the metals store of value capabilities. But if Bitcoin takes over golds hegemony, what would happen to the value of BTC?
Related Reading: Bitcoin (BTC) Best Performing Major Asset in 2019, Surges 43% Year-to-Date
The Case For A Six-Figure Bitcoin
According to HodlWhale, a Seattle-based cryptocurrency investor, a world where Bitcoin has absorbed all the value of the gold in circulation would see BTC valued at $350,000.
This figure isnt exactly baseless. As reported by NewsBTC on an earlier date, all gold in circulation is currently valued at approximately $7.83 trillion, while all BTC has a mere $94 billion valuation. If the latter was to fully displace the value of the first, Crypto Voices, an industry analytics and research group, estimated that BTC would swell to a value of $450,000 slightly above HodlWhales estimate.
reference:
https://www.newsbtc.com/2019/04/20/bitcoin-displacing-gold-entirely-value-btc-350000/Never heard the opinion of scientists that bitcoin can completely absorb the value of gold. I do not know who and what he said about this, but this will never happen. Gold at all times had and will have current value and it is unlikely when it will lose. With the advent of cryptocurrency, essentially nothing will change. This will be another type of cashless settlement, which will slightly press other types of cash as well as cash. However, the cryptocurrency will go in society along with the national currencies of the states and their capabilities will complement each other.