Dominik Weil, an entrepreneur living in Vietnam, recently participated and attended a local crypto conference to stay abreast of latest bitcoin news. Weil is a crypto-enthusiast who has founded various number of Vietnamese cryptocurrency exchanges and start-ups. Weil envisioned a scenario where Bitcoin could supersede gold. Now that’s breaking bitcoin news.
While Bitcoin awareness around the world is low, Weil extolled the virtues of Bitcoin to reinforce his statements that Bitcoin will supercede gold:
Spencer Bogart of Blockchain Capital echoed the bitcoin news sentiments of Weil on Bloomberg TV. Bogart said that the longer Bitcoin stayed alive, the less unknown and the more trusted it will become with the consumer population.
Weil isn’t the only industry leader who champions Bitcoins potential prowess in the market place. Mike Novogratz, the CEO of crypto merchant bank Galaxy Digital holdings AND FORMER PARTNER AT Goldman Sachs, spoke positively about Bitcoin. He believes Bitcoin is the only viable store of value in the entire crypto asset class. He went as far as to compare how storing the flagship cryptocurrency to how gold is stored at Fort Knox.
Barry Silbert Digital Currency Group founder, Barry Silbert went boldly on to say that Bitcoin has already won the digital gold race. He explained that when millennials are clamouring for a store of value, and that because of the digital age they are bound to choose cryptocurrency, over gold and even fiat currently situated in gold bars will eventually find their way to Bitcoin.
Dan Held believes that Satoshi never actually meant for Bitcoin to inherently be digital cash, but a store of value that escapes traditional boundaries. He made his case on a 47-part Twitter thread. He based this assumption on the fact that Satoshi mentioned gold, long-term value growth, Bitcoin’s status as a commodity, and even scarcity. He also went on to draw attention to the network’s cardinal commandments — 21 million BTC supply cap, ten-minute blocks, and block size caps — claiming that Satoshi could have altered these values to push the digital money narrative and chose not to for a reason.
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