- Report this article
Duncan Oluwaseun ⚡️
Duncan Oluwaseun ⚡️
I empower startup founders to craft immersive experiences and drive revenue growth through innovative design solutions!
Published Mar 15, 2023
+ Follow
As the world becomes more and more digitally focused, it's not uncommon to hear people asking if bitcoin and other cryptocurrencies will one day replace traditional assets like gold. While it's certainly possible that cryptocurrencies could see broader adoption in the future, there are a few key reasons why bitcoin will probably never fully replace gold as a store of value.
First and foremost, gold has a long history of being a reliable store of value. It has been used as a form of currency for thousands of years and has proven to hold its value over time. In contrast, bitcoin and other cryptocurrencies are still relatively new and untested. While they have gained some mainstream acceptance, it's still unclear how they will hold up over the long term.
Recommended by LinkedIn
Another reason why bitcoin may never fully replace gold is that it is highly volatile. The value of bitcoin can fluctuate significantly in a short period of time, which makes it a risky investment. Gold, on the other hand, tends to be much more stable in value. This makes it a more reliable choice for those looking to store their wealth for the long term.
Additionally, gold has a number of practical uses beyond just being a store of value. It is used in a variety of industries, including jewelry, electronics, and medicine. Bitcoin, on the other hand, has limited real-world use cases outside of its role as a digital currency.
Finally, it's worth considering the fact that gold is a tangible asset. It can be held in your hand and stored in a safe place. Bitcoin and other cryptocurrencies, on the other hand, are entirely digital and rely on the security of online systems. This leaves them vulnerable to hacking and other forms of cyber attacks.
In conclusion, while it's possible that bitcoin and other cryptocurrencies could see wider adoption in the future, it's unlikely that they will ever fully replace gold as a store of value. Gold has a long history of reliability, stability, and practical use, making it a more trustworthy choice for those looking to protect and preserve their wealth.
Help improve contributions
Mark contributions as unhelpful if you find them irrelevant or not valuable to the article. This feedback is private to you and won’t be shared publicly.
Contribution hidden for you
This feedback is never shared publicly, we’ll use it to show better contributions to everyone.
Like
Celebrate
Support
Love
Insightful
Funny
6
1 Comment
Dexter Crawford
Dedicated IT Professional | Expert in Configuration Management, Desktop Support, and Cloud Computing | Skilled in Aligning IT Strategies with Business Goals
9mo
- Report this comment
Great article. I agree 100%. But there is a caveat. We live in a microwave society; people want things and them want them now. How many people are really looking to store value longterm? Typically the wealthy play the long game. But the retailers can definitely cash out quickly. Imagine if what happened with gamestop, happened with Bitcoin and other cryptos. We'd see an influx of millionaires. Rumor will get it, and cyrpto will now become the go to for quick wealth building. Gold won't be the go to (again, on a shorter term basis).
1Reaction 2Reactions
To view or add a comment, sign in
More articles by this author
No more previous content
- Value-based pricing rather than relying on hourly billing Jan 16, 2023
- Where are the DAOs (Decentralized Autonomous Organizations)? Dec 28, 2022
No more next content
Sign in
Stay updated on your professional world
Sign in
By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.
New to LinkedIn? Join now
Insights from the community
- Blockchain How do you manage your private keys and digital wallets?
- Blockchain How does the Bitcoin halving affect the network's incentives and dynamics?
- Technical Analysis How can you avoid fakeouts in cryptocurrency trading?
- Blockchain How do you communicate and collaborate with other Bitcoin stakeholders during forks and updates?
- Financial Technology How do you scale and upgrade your blockchain and cryptocurrency systems?
- Blockchain What steps can you take to secure your blockchain transactions?
- Mechanics How can you evaluate the credibility of a cryptocurrency investment?
- Financial Technology What are the best ways to manage cryptocurrency volatility and uncertainty?
- Technical Analysis What are the most effective ways to use TA data for cryptocurrency trading?
- Blockchain How can you manage forks and conflicts in a blockchain network?
Others also viewed
- Criminals steal 2 million in Bitcoin digital currency market. Willem Huurman MBA RRM CATS CCSMP TCC MBCI FCiiSCM 8y
- HOW TO RECOVER LOST BITCOIN AND USDT prudent recovery 2y
- Is bitcoin safe? Dwight Watt 2y
- Bitcoin Gold Prices Differ by 500% Due to Market Inefficiencies, Bad Infrastructure, and Market Manipulation via DDoS Alexander Kravets 6y
- Mining of Cryptocoins Shivani Singh 8y
- Top 7 Things to Consider when Choosing a Bitcoin Wallet Ariel ₿enitez 3y
- Bitcoin is more of a digital property than currency Murtaja Bohra 1y
- Storing Your Bitcoin Edward Valencia 3y
- Bitcoin - Is It a Good Investment? Aaron Golbin 8y
- Worrying about investing in Bitcoin? Abdulsalam Albastaki 3y
Explore topics
- Sales
- Marketing
- Business Administration
- HR Management
- Content Management
- Engineering
- Soft Skills
- See All