Cryptocurrency advocate and founding partner of Crypto Oracle Lou Kerner has claimed that Bitcoin could replace gold as the world’s primary store of value.
Gold has been a popular store of value for thousands of years, being used by various ancient civilisations before triggering a gold rush in the United States during the 19th century.
Bitcoin, in comparison, is still in its infancy having been created just over 10 years ago. However, Kerner believes that it has the potential to replace gold “if it grows more than 100 fold from where it is today.”
Gold has obtained a total market value of $4 trillion since first being used over 4,000 years ago. Bitcoin, meanwhile, is worth $70 billion, while silver is worth just $50 billion.
My last crypto tweet of 2018 is a retweet of MY FAVORITE all time crypto tweet. It reminds me that crypto investor sentiment swings like a pendulum. When crypto prices are low, like now, investors think it's dead. When crypto prices are high, investors think they missed it. pic.twitter.com/mbwre0DSap
— Lou Kerner (@loukerner) December 30, 2018
Speaking to Bloomberg, Kerner admitted that if Bitcoin “becomes a strong second,” it has huge potential as it’s a “better way” for people to store their value.
As 2018 draws to a close, it’s time to reflect on a turbulent year for cryptocurrency in general. Bitcoin has fallen from its $20,000 all-time-high while many altcoins have suffered 95% declines in value.
Speaking about 2018’s prolonged move to the downside, Lou explained: “The impact of all great technological changes are overestimated in the short run and underestimated in the long run.”
He continued: “I think Bitcoin is in the broader kind of crypto category, which is this whole new platform of blockchain, cryptocurrency, smart contracts, and such that the disruption from that is gonna be bigger than the disruption that we saw from the internet. Bitcoin is kinda the early leader, kinda like the Yahoo of its day, and while it’s a massive thing, it’s not THE thing.”