Trader Tom Luongo explains why Bitcoin is like Gold

[ematt]

Basically, it will be the stable asset of value against which all other assets (in this case cryptocurrencies) will be measured.

Here's the article: https://www.investing.com/analysis/the-foundation-of-the-next-cryptocurrency-bull-market-200265708

He also says how he sees the market getting less wild - I can't really speak to that; I only hold Bitcoin, not any other types of cryptocurrencies.

[pushups44]

Basically, it will be the stable asset of value against which all other assets (in this case cryptocurrencies) will be measured.

Here's the article: https://www.investing.com/analysis/the-foundation-of-the-next-cryptocurrency-bull-market-200265708

He also says how he sees the market getting less wild - I can't really speak to that; I only hold Bitcoin, not any other types of cryptocurrencies.

Good article, and I agree that bitcoin is becoming the new "gold." However, this does not mean that gold will lose its status as a safe-haven asset: bitcoin will simply emerge as a digital equivalent or proxy. However, though bitcoin is slower than many altcoins, it still needs to implement important upgrades to scale.

[secondgarlic]

Well, it would be "gold" only for cryptocurrencies. Assuming cryptocurrencies are still "a thing", of course. I really do not see the point of comparing bitcoin to gold. Gold is gold and bitcoin is bitcoin. We don't have to compare bitcoin to something else to ensure that it is legitimate.