Bitcoin is settling more transactions volume than gold
Although Bitcoin is definitely not going through its best times currently, the world’s most popular cryptocurrency, commonly referred to as “digital gold”, has been settling more transactions volume since the second quarter of 2017.
bitcoin transactions volume gets ahead and speeds up
Bitcoin with its price of $6,391 USD is expected to process $1,1 trillion USD in 2018 transactions, while one of the most valuable metals is on pace to process only $0,4 trillion USD.
The news and calculations came from Kevin Rooke, investor, and entrepreneur, and are based on the data from Coinmetrics.io and lbma.org.uk. According to Rooke’s announcement made through his Twitter account, Bitcoin started to show more utility than gold when 1 token hit parity with 1 ounce of gold, which has basically been the store of value for ages.
Noteworthy, things like this happened before - Bitcoin did hit parity with the price of one ounce of the precious metal in spring of 2017 for the first time, and since that moment it has been happening consistently. However, even though the world’s first cryptocurrency took the serious hit in 2018, it is still two times more expensive than gold.
This is definitely not the first time when this token is being compared to gold. For example, John Pfeffer, investor, and partner at Pfeffer Capital, earlier this year expressed his belief that bitcoin can be a viable replacement for gold. And here’s what the notorious Winklevoss twins said about the cryptocurrency a year ago:
“Taking bitcoin in isolation… we believe bitcoin disrupts gold. We think it’s a better gold if you look at the properties of money. And what makes gold? Scarcity. Bitcoin is actually fixed in supply, so it’s better than scarce… it’s more portable, its fungible, it’s more durable. It sort of equals a better gold across the board.”
Also, take notice - at the time of writing this article, almost all top 20 cryptocurrencies by market capitalization are in the green. Is the crypto market finally recovering?