New World Gold Council report. A chance for Bitcoin?

As per the new report by the World Gold Council, harder forms of money are being demanded more globally than fiat currencies. A bullish future for bitcoin seems to be in progress keeping in a note the demands for hard money forms, as bitcoin is even harder than the gold itself.

About 61% of the people surveyed in the World Gold Council report were of the opinion that they trusted gold more than the fiat currencies. It just seems that time is the only limiting factor that has been holding bitcoin a bit back for now, as gold has been present since the beginning of time and with its limited supply it became a product of great value. Bitcoin just needs a little more time to make history, as it is expected.

About 18000 investors were asked about their investment preferences in the World Gold Council’s report and that shows gold still remains one of the most favored forms of investment globally. Bitcoin and cryptos remain in the 10th position for now, and that is quite justifiable noting that they have only been around for quite a short time. Although, for now, it is not wise for the people to, at once, belief in Bitcoin as a long term store of value but what the results of the WGC report definitely show is the high level of the dubiousness of people towards the fiat currencies all around the globe.

The comparison betwixt bitcoin and gold has been continual, and It is to remain in the coming time. And ask me, honestly, it is justifiable to do so. As we know gold came into use as a monetary product due to its rarity and complexity in forging. Recent studies, however, indicate that it is not as scarce as it was once believed to be. The earth is rich in gold reserves and as the generation is marching towards technology and space exploration, these precious metal resources can be detected and their supply is expected to increase. Bitcoin, on the contrary, will only have 21 million units, currently at 18 million units. This very fact that bitcoin will stay limited makes it a very hard form of currency. With gold, there are disadvantages. You have to safeguard it, transportation is costly as well, but bitcoin, on the other hand, is free of any such thing and is a digital currency, transportation can be done literally in seconds.

Everything that bitcoin has right now, and the popularity it has been gaining in recent years, one can clearly see that bitcoin will most likely dominate the currencies in the coming time.

Hassaan Malik

Co-founder of BlockPublisher, Hassaan is a technologist at heart with a keen interest in blockchain, cryptos and traditional financial markets. Email: hassaan@blockpublisher.com, hassaanmalek@gmail.com

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