“Bitcoin Is Gold 2.0” – Gemini CEO Tyler Winklevoss

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Gemini CEO Tyler Winklevoss referred to Bitcoin as “gold 2.0,” stating that the cryptocurrency beats or matches gold across the board.

Bitcoin has witnessed unprecedented growth from a little-known whitepaper to a world leader in a new class of assets in less than a decade.

With a market capitalization of more than $140 billion, Bitcoin has improved the way value is stored, processed and enhanced. In this regard, it comes as no surprise that the cryptocurrency is currently touted as the store-of-value (SoV) asset that could possibly replace gold.

One of the major proponents of this view is Tyler Winklevoss, the CEO of digital currency exchange Gemini.

Winklevoss showed support for this school of thought via a recent tweet, in which he referred to Bitcoin as “Gold 2.0” and stated that the cryptocurrency beats or matches gold across all major variables.

Gold’s Tradition vs. Bitcoin’s Promise

According to the long-standing Bitcoin supporter, the digital currency only falls behind gold when it comes to the long history of gold that has made it a credible and reliable medium of investment and SoV asset.

Tyler Winklevoss’s brother and business partner, Cameron, previously stated in an interview that the only advantage gold has over Bitcoin is a 3,000-year head start. And according to Tyler, when it comes to all other comparisons, Bitcoin is even better than gold.

Gold has always played a crucial role in physical exchange economies. However, the world today has shifted towards the digital end, and a digital-based store of value assets is only natural. This is the primary reason why Winklevoss refers to Bitcoin as “Gold 2.0.”

Research-Backed Statement

It is worth noting that the Gemini CEO’s sentiments do have a sound basis, backed by factual data. Grayscale Investments, a firm that is a major supporter of Bitcoin as a SoV asset, published a report [PDF] last month backing Bitcoin as digital gold. The report is part of the firm’s push to get investors and stakeholders to drop gold as the ultimate SoV asset.

The report expounds on the reasons why Bitcoin is superior to gold in the digital age, adding credibility to Winklevoss’s sentiments. The report argues that the cryptocurrency possesses a better combination of “good money” properties, much more suitable for a digital global economy.

Bitcoin Price Boosts Crypto Market Value to New All-Time High with Green Arrow Graph

Bitcoins are scarce assets. The supply of Bitcoins that will enter circulation is capped at 21 million Bitcoins.

Bitcoins are scarce assets. The supply of Bitcoins that will enter circulation is capped at 21 million Bitcoins. According to estimates, all 21 million Bitcoins will be mined by 2140.

Additionally, Bitcoins can be verified directly on the blockchain from anywhere in real time. The digital currency is also very durable due to the open-source network maintained by users.

Bitcoin is far more portable than gold with the ability to be sent quick and secure with verifiable and transparent transaction records. Other “good money” qualities of Bitcoin that may warrant the “gold 2.0” status include divisibility, fungibility and recognizability.

Many other prominent digital currency investors, including former hedge fund manager Mike Novogratz and Grayscale CEO Barry Silbert, have also referred to Bitcoin as digital gold. Most of the replies to Winklevoss’s tweet have been in support of his statement.

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