Key facts:
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Bitcoin would have to multiply its price by 10 to surpass the capitalization of gold.
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After the approval of ETFs, bitcoin positioned itself as a highly attractive asset.
Anthony Scaramucci, founder of the investment firm, SkyBridge Capital, projects that, if bitcoin (BTC) continues with the growth rate it has recorded in the last 10 years, can easily become an asset of $500,000 per unit.
In statements with journalist David Lin, the businessman explained that “in the digital world, people would accept a store of value that met certain criteria such as: scarcity, ease of use and reliability.” Furthermore, he highlights:
“In this network I can spend money without having to involve a third party. Those things are incredibly unique. It is a technology that was developed 15 years ago and has grown since people started using it and understanding it.”
Anthony Scaramucci, CEO of SkyBridge Capital.
In this framework, Scaramucci points out that if the digital currency created by Satoshi Nakamoto continues with this growth rate, its price is capable of exceeding levels never seen before. “BTC has only 5% adoption in the United States and there is no reason why it cannot be a $300,000 or $500,000 asset,” he emphasized.
The businessman recognizes gold as a very valuable reserve asset, but believes that BTC “is better” for its properties such as being transportable and easy to use. Along those lines, he suggests: “If the market capitalization of gold is at $16 billion and that of bitcoin at $1.5 billion, could it increase 10 times in the next 15 years?”
Currently, gold is the most valuable commodity on the planet and has a market capitalization with $15.7 billion. Followed by Microsoft, Apple and NVIDIA.
In position 9, as seen in the graph, the presence of BTC stands out, with a market capitalization of 1,395 million dollars. This means that the digital currency must multiply its price by 11.25 times to surpass gold.
Since the approval of spot ETFs in the United States, BTC is positioned as a highly valuable asset.
As Criptonoticias already reported, according to Jan Van Eck, CEO of the financial asset management company, VanEck, investor interest in BTC spot funds is increasing to the detriment of gold-linked ETFs. He argument:
“Gold ETFs launched in the United States are witnessing withdrawals this year, even though the price of gold has soared to all-time highs and is up 14%.”
Jan Van Eck, CEO of VanEck.
This company manages bitcoin ETFs, so its exposure is not made from a neutral point of view or outside the business. However, since these spot funds came to market on January 11, 2024, they have accumulated more than $15.56 billion in net inflows.
This reflects an interest and great adoption of these instruments by the traditional finance sector.
This is how BTC reached a new all-time high (ATH) in 2024, since spot ETFs came onto the market.
Differences between gold and bitcoin
Gold is chosen by investors to protect their assets in inflationary contexts and constitutes a traditional store of value. From January 2010 until today, the price remained between $1,000 per ounce and $2,300, its ATH.
Unlike BTC, gold does not experience large fluctuations in its price in short periods of time, as occurs with digital currencies.
However, BTC has a number of advantages over this metal. One of them is that individuals can operate safely and transparently through the Bitcoin network, since there is a public record that anyone can access and corroborate each of the movements that were made in that environment.
On the other hand, bitcoin is an asset that allows transactions to be made regardless of the location of the users. It is a decentralized currency, which does not depend on any government or institution that could manipulate it at its convenience.
Physical gold, meanwhile, requires secure storage, which can be expensive, as can transportation. The digital currency, for its part, can be self-custodied in a wallet and is easily transferable through its network, quickly and economically.
Lastly, one of the attractions of BTC is its inherent scarcity. In this way, it differs from fiat money, which is constantly devalued by inflation due to issuance by central banks.
This feature makes it similar to gold, although the exact amount of this metal on the planet is unknown and new reserves can always be found, despite the difficulties in extracting it.
