Bitcoin now competing against gold, billionaire investor says, as BTC rises by 47%
Billionaire and founder of Microstrategy, Micheal Saylor, had said cryptocurrency, Bitcoin (BTC) is now competing against a traditional asset, Gold.
There has always been an argument about the status of cryptocurrencies as a store of value among asset classes like real estate, bonds and equities amongst other investable assets.
Bitcoin has often led the conversation due to its value being the highest amongst crypto-assets and its adoption globally.
In a Twitter post on Sunday, Saylor made a case for Bitcoin as a worthy store of value, stating, “#Bitcoin is competing against Gold, Collectibles, Art, Equities, Real Estate, Bonds, & Money as a Store of Value in the 21st Century.”
The comment by Saylor, whose company owns about $3 billion worth of Bitcoin, follows the return on investment (ROI) that BTC has offered this year when compared to that of Gold.
READ ALSO:New report predicts Bitcoin to hit $188,451, set timeframe for new all-time high
Ripples Nigeria’s analysis showed that Bitcoin has appreciated by over 47 per cent year-to-date, but Gold ounce has only managed to squeeze out 0.38 per cent growth between January to February this year.
The selling price of Bitcoin increased by $7,841.87 in the last 56 days from $16,688.85 reported on January 3, 2023, to $24,530.72 as of Sunday, February 19, 2023.
Gold on the other hand has witnessed sluggish growth, dragging from $1,839 as of January 3, 2023, to $1,846 as of February 20, 2023.
Meanwhile, during the weekend, Bitcoin experienced a decline in its value, depreciating slightly by –0.14 per cent between Friday and Sunday.
Bitcoin’s value dropped to $24,530.72 on Sunday, from $24,565.60 it closed Friday’s trading, according to data obtained from Coinmarketcap.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
SPECIAL REPORT: Untold story of how inconsistent salary payment frustrates Cross River road sweepers
In this report, ARINZE CHIJIOKE chronicles the pains of street sweepers in Cross River State, and how inconsistent salary payment...
INVESTIGATION: How insider abuse, shoddy handling of contracts by non-existent firms hamper teachers’ productivity in Kano
In efforts to improve productivity of teachers in public schools in Kano State, the state’s Ministry of Education, disbursed over...
A tale of Kwara public school where pupils learn under the tree without chalkboards
“You cannot make people learn. You can only provide the right conditions for learning to happen.” – Vince Gowmon But...
SPECIAL REPORT: Indiscriminate waste dumps, open defecation pose threat of epidemic in Kwara as govt slow to act
Forty three-year-old Bilikis Abdulrahman covered her pineapple fruit she is selling inside a white bucket container. This, she does to...
SPECIAL REPORT: Women displaced by conflict in North-Central Nigeria become farm helps to survive
Displaced women finding refuge in Abagena camp for Internally Displaced Persons (IDP) camp in Makurdi, Benue State have resorted to...