Over the last few days, the price of EOS has made progress along with the entire cryptocurrency market. Now, people are searching for EOS price prediction 2020 and looking forward to a time Bitcoin will overtake gold. Everyone who hasn’t already accumulated is trying to buy now and benefit from the upcoming Bitcoin bull run. This level of positive sentiment hasn’t been experienced in the industry for months now.
Bitcoin Will Overtake Gold According To EOS Developer Brendan Blumer
While the price of EOS struggles to retain its gain, one of the EOS developers, Brendan Blumer, the CEO of Block.one, said that Bitcoin will overtake gold in the next two decades. It’s true that Bitcoin has made a lot of progress in the last ten years. However, it takes an unbelievable optimism to predict that the flagship cryptocurrency is going to take over the most stable store of value in the world, gold.
The CEO said this on Twitter and it has since then sparked up a debate within the cryptocurrency community. In his words:
“Over the next two decades, #Bitcoin will replace #gold as the leading commodity to store value.”
As the argument stated some agreed with him that Bitcoin will overtake gold while some said that the prediction was a little too bullish. A user replied:
“I see the perfect use case for BTC to be that store of value, but also commodities pricing (eg oil) / large international trade.”
Another user suggested that Bitcoin will overtake gold but the twenty-year timeline is too long. The user suggested that Bitcoin will overtake gold faster than Brendan Blumer predicted. Another user said that in the next five years, Bitcoin will be gone while one said that he wanted more information to support the notion.
What Would It Take For Bitcoin To Overtake Gold?
At the time of writing, the market capitalization of gold was about $8 trillion while BTC had a market capitalization a little above $70 billion. While the market capitalization of gold is stable, the volatility of Bitcoin is record-breaking. So, it’s unlikely that Bitcoin will overtake gold with these current market conditions. The market still needs to reach maturity before anything like that can happen.
Bitcoin (BTC) Price Today – BTC / USD
Brendan Blumer isn’t the first person to suggest that Bitcoin will surpass gold. A while ago, Willy Woo said that BTC is a better store of value because it’s mathematical scarcity outweighs that of gold. Gold is driven more by perceived scarcity. Woo said that this is why he believes Bitcoin will beat gold. In his words:
“This is the reason why I think Bitcoin will easily exceed golds market cap. Mathematical scarcity beats perceived scarcity. Perceived scarcity comes only from the technological limitations of today.”
A lot can happen in twenty years. And the cryptocurrency industry has proven that it is unpredictable. The only thing that is clear at this point is that Bitcoin is here to stay. Whether it will eventually overtake gold or not is uncertain. We can only wait and see.
Bitcoin will overtake gold. Yes or no? Share your comments.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.