THELOGICALINDIAN - VanEcks Gabor Gurbacs believes Bitcoins upside is huge as acceptable investors about-face to agenda gold
The Bitcoin bazaar has already afresh angry bullish with the arch cryptocurrency retaking a position aloft $7,000. According to one cryptocurrency expert, the abiding upside for the aboriginal and foremost cryptocurrency is massive, and may attract gold investors to leave the adored metal for what some accredit to as “digital gold.”
Gabor Gurbacs, administrator of agenda asset strategies at VanEck/MVIS, told CNBC’s “Futures Now” yesterday:
Bitcoin’s bazaar assets currently sits about $128 billion. As acclaimed by Gurbacs, a bald 10 percent about-face from gold into bitcoin [coin_price] would added than amateur the gold accepted of cryptocurrency’s bazaar cap. He explained:
For such a move to happen, the bazaar for Bitcoin and added cryptocurrencies needs to complete and entice added institutional investment — article abounding in the amplitude accept is an inevitability. Gurbacs counts himself amid those believers, stating:
Bitcoin has already replaced gold as the go-to agency for transferring abundance in times of crisis or uncertainty. In May, Clem Chambers, CEO of ADVFN.com and columnist of Be Rich, The Game in Wall Street and Trading Cryptocurrencies: A Beginner’s Guide, noted:
Earlier this year, the World Gold Council itself admitted that Bitcoin could “undermine the accoutrement acclimated by the Fed and added axial banks to access the economy.”
Do you appearance Bitcoin as ‘digital gold?’ What are your opinions apropos the bazaar leader’s abeyant upside? Let us apperceive in the comments below!
Images address of Shutterstock, CoinMarketCap.com.
