Bitcoin according to the average intraday volume of transactions surpassed the gold, writes Bitcoinist.com. It happened in the second quarter of 2017, once the world’s leading bitcoin reached parity with the price of an ounce of gold, and is still, despite the decline in bitcoin in recent months.
It is also worth noting that, despite the serious downturn faced by bitcoin in 2018, it is still superior precious metal on a number of indicators.
Average intraday trading volume of bitcoin and gold. Source: Coinmetrics.io
In less than ten years of its existence, bitcoin has managed to demonstrate greater effectiveness in the digital era than gold, which serves as a store of value for thousands of years.
The precious metal is regularly compared to the largest cryptocurrency. This year, businessman John Pfeffer, a partner in PfefferCapital, said that bitcoin is the first viable replacement to gold.
The Winklevoss brothers at the end of 2017, made a radical statement:
…We believe that bitcoin will lead to the collapse of gold. We think that this “sverhsoldata”. Let’s see what is the nature of money. What makes gold gold? Scarcity. The supply of bitcoin is limited, so it is more than scarce… more flexible, interchangeable and durable. We can say that this substance is superior to gold in all respects.
Director VanEck/MVIS gábor Gurbax also praised the cryptocurrency, saying:
In our days in circulation gold $7 trillion. If the price of bitcoin will rise by 5 or 10% — consider yourself — he will outshine gold.
The researcher of this issue, the Owner Kevin tweeted:
From the beginning of 2017, the volume of bitcoin transactions exceeds the corresponding figure of the world’s gold markets. Bitcoin in 2018 will amount to $1.1 trillion. Gold: in 2018 will amount to $0.4 trillion.