Is Bitcoin The New Digital Gold?

[6wilson]

The cryptocurrency has trounced other assets like equities, bonds, and even bullion

Many believe that gold has a new competitor in the form of Bitcoin.

In the digital world, investors are preferring to invest in Bitcoin as a safe investment. But the size of the total market is so small, that it is not even one per cent of gold’s market. Bitcoin has a market cap of $60 billion (Dh220.3 billion), and is increasing at a rapid pace every minute, whereas gold has a market cap of $7 trillion.

“People talk of Bitcoin as the new digital gold 2.0. Despite the fact that we have reached an all-time high, Bitcoin is only about $55 billion of worldwide value,” said BTCC chief executive officer Bobby Lee.