Arthur Hayesco-founder of cryptocurrency exchange BitMEXhas released a bold statement saying that the Bitcoin (CRYPTO:BTC) is a better safe haven than gold.
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What happened
In a recent blog post titled “Zoom Out,” Hayes, who is himself a billionaire owner of Bitcoin, emphasized the digital asset’s technological superiority over the yellow metal.
“The fundamental difference between Bitcoin and gold is that, in the words of Lynn Alden, the Bitcoin ledger is managed through a cryptographic blockchain and money moves at the speed of light,” Hayes emphasized.
Gold, on the other hand, is limited by natural and artificial constraints, and travels only at the speed of humans.
Hayes says that fiat digital currencies, or central bank digital currencies, while rivaling cryptocurrencies in terms of speed, pose inflation concerns because of government involvement.
Hayes concludes by saying: “Bitcoin is superior, while gold is inferior.”
Because it is important
Bitcoin proponents have aggressively promoted its safe-haven narrative, giving rise to the nickname “digital gold.”
This narrative has been reinforced by the exponential growth of Bitcoin since its inception in 2009. From $0.058 to its current value of $62,600, the cryptocurrency has jumped a whopping 1,068,965 times.
In comparison, spot gold has had a more stable trajectory, rising 2.3-fold over the time period cited, from $1,011 to $2,329.
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