The debate about the value of bitcoin has been going on since the inception of cryptocurrencies. Some think that bitcoin is the future of currency and will replace fiat currencies as a whole because of the convenience that it provides. On the other end, there are people who believe that bitcoin will never be able to reach the status of an official currency in any way and will die out soon as we proceed with time. In the middle lie the expert who believe bitcoin is definitely valuable and will persist as we move forward. Although it might not replace fiat currencies as a whole, it will still be a store of value. David Gokhshtein, a well-renowned crypto investor, entrepreneur and influencer lies in this category.
David is of the view that the importance of bitcoin cannot be denied. Now although it might not be used for carrying out day to day tasks, it will still be a store of value.
Upon inquiry by BlockPublisher concerning the possibility of bitcoin being the future of money despite the shortcoming it possesses as of now, David stated that,”It is like gold.” David also suggested that although we might not see bitcoin being incorporated in our daily lives for carrying out ordinary day-to-day function, we will probably see it attaining a status that we see with gold in the world today.
Besides statements like these, we have also seen well-renowned experts suggesting that bitcoin will be adopted by people in the future owing to the convenience that is provided by it. The co-founder of Reddit and VC of the venture capital firm Intialized Capital Alexis Ohanian stated that:
As volatile as it’s been, we see it continuing [to go] up over the long term, because more and more people are going to look for alternatives to fiat as a store of value as we see currency fluctuations with states failing and other uncertainty, that makes having a digital store of value like bitcoin something that’s desirable, because you don’t have to worry about withdrawing it from a bank or the value disappearing as a government money.
Alexis also emphasized cryptos being a store of value stating:
Bitcoin has had quite a bit of battle-testing over the years, and it’s certainly the most robust [cryptocurrency], and certainly one of the best proofs of crypto being a store of value.
So, all in all, there are different opinions percolating regarding bitcoin in the crypto space. While some believe that it will revolutionize the financial system by replacing fiat currencies, others are of the view that it will be more like a store of value, just like gold.