The Case for Bitcoin as ‘Digital Gold’ is Falling Apart
On Wednesday, Gambling911.com brought you our exclusive report on the ineptitude of Bitcoin, Providing some pretty good examples (i.e. how the Canadian trucker protests digital currency was seized).
Today we bring you the CNBC analsyis. The case for Bitcoin as ‘digital gold’ is falling apart.
While not as much doom and gloom as what our friends at CoinGeek presented, it's still pretty gloomy.
Some of the recent downward spiral is tied to the Russian invasion of Ukraine.
This event may help to facilitate the fall, but inflation is doing its part as well.
All of this has experts questioning whether Bitcoin's status as a form of “digital gold” still rings true.
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“Bitcoin is still early in its maturity curve to be firmly placed in the category of ‘digital gold,’” Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno, told CNBC.
Ryan Browne of CNBC reports that the latest declines for Bitcoin came in tandem with a rout in global stocks, with the S&P 500 closing out Tuesday’s session in correction territory. Bitcoin’s price has increasingly been tracking moves in the stock market, with correlation between bitcoin and the S&P 500 steadily rising.
“For sure it’s a Ponzi scheme because it can’t do anything,” says Calvin Ayre (above) of Bitcoin trading. He is the founder of the Ayre Group, which pushes the BSV Blockchain he says acts as the original Bitcoin was intended.
Bitcoin SV is powered by a revolutionary technology that has many useful applications, while the digital currency most people know as Bitcoin is useless and a fraud, Ayre insists.
In other words, it's fools gold.
And the real gold has been outperforming Bitcoin of late.
Spot rates for the precious metal reached their highest levels since June 1 on Tuesday, climbing as high as $1,913.89 per troy ounce.
Bitcoin's price Wednesday night (8 pm Eastern Standard Time) was 36,845.70, way down from its peak of $50,000.
- Aaron Goldstein, Gambling911.com
