Bitcoin’s price fluctuations have been considered as one of its biggest wins that enabled it to climb to mainstream prominence. The world’s largest cryptocurrency has disrupted the financial ecosystem by giving competition to the stalwart of ‘store of value’: gold.
Several movements have been launched to display Bitcoin’s advantage over the precious metal but the number of split camps on the topic still remains the same. In a recent series of tweets, Max Keiser of the Keiser report spoke about why Bitcoin clearly has the advantage over gold. His first tweet read:
“Gold cannot offer individual sovereignty to the extent of #Bitcoin. For this reason, BTC will continue to gain market share until reaching market-parity with Gold.”
The general consensus amongst the Bitcoin supporters has been that the digital asset has the ability to function in cross border movements without the regulatory hindrances associated with gold. This was a topic that was picked out by Barry Silbert during Grayscale’s DropGold initiative. The DropGold movement intended to popularize Bitcoin usage over that of gold due to advantages such as transparency, immutability, and speed of implementations.
The sovereignty mentioned by Keiser can be correlated to the fact that Bitcoin follows the Byzantine’s Generals principle, which takes the power from a central bank and distributes it among the users involved in the blockchain. Keiser continued on Twitter:
“There’s only a 25% chance your bank will be open when you want to wire money (they are only open 40 out of a possible 168 hrs per week).
There is a 100% chance you can send #Bitcoin whenever you want.”
The Bitcoin enthusiast has been consistent in his support for the king coin, even crediting it for the resurgence of the gold market. This was evidenced in a recent tweet where he said:
“Gold was failing. The message of Hard Money wasn’t getting through. The media and Buffett hated it.#Bitcoin’s appeal as Hard Money ignited interest in millennials and the financially oppressed globally, and it took off.
Now Gold is back, thanks to BTC. You’re welcome.”
Keiser is one of several crypto proponents in the space who believed that the mainstream adoption of digital assets will be the fulcrum for a decentralized world. At a time when Bitcoin has been holding near the $11,000-$12,000 range, the community believes that Bitcoin directly correlates to individual sovereignty in the financial space.