2 years ago
The communicative astir Bitcoin being integer golden is opening to “hinder” the cryptocurrency industry, said Gavin Michael, CEO of crypto speech Bakkt (BKKT), portion Galaxy Digital (GLXY.TO) CEO Mike Novogratz disagreed, calling Bitcoin “ready for primetime.”
Bitcoin (BTC) “was designed arsenic peer-to-peer physics cash,” said Michael, speaking astatine the Barclays crypto conference, not arsenic “replacement for golden successful a vault.” While bitcoin whitethorn beryllium capable to relation arsenic integer gold, “there’s truthful overmuch much we tin get from it,” helium said.
Michael took enactment of El Salvador’s Bitcoin adoption, and Twitter enabling micropayments for tipping via crypto arsenic giving him anticipation things are shifting backmost to Satoshi Nakamoto's archetypal imaginativeness of Bitcoin arsenic a peer-to-peer physics outgo system.
Meanwhile, Galaxy Digital’s (GLXY.TO) CEO Michael Novogratz (speaking separately from Michael) continues to laud Bitcoin arsenic integer gold, saying its superior usage is arsenic a hedge against “really atrocious fiscal stewardship.” He took enactment of caller currency collapses successful Turkey and Russia, not to notation fiscal issues and wealth printing adventures successful the U.S.
Adoption is accelerating everywhere, said Novogratz, beryllium it individuals, institutions, oregon pension funds. Bitcoin, helium said, is “ready for primetime.”
A probe study from Bank of America past week spoke to the store-of-value proposition, noting bitcoin of precocious has been trading much similar a hazard asset, and little arsenic an ostentation hedge.
The authors said the correlation betwixt bitcoin and the S&P 500 roseate to an all-time precocious astatine the extremity of January (though they admit it’s decreased since). The correlation betwixt bitcoin and gold, connected the different hand, has been adjacent to zero since past June.
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Michael Bellusci is CoinDesk's crypto payments reporter.
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