Bretton Wood, Bloomberg strategist, issued a statement on the 50th anniversary of Bloomberg talking about the role of cryptocurrencies within the financial sector and how Bitcoin has the tendency to change the market for good. During the conference, Bretton Wood said that Bitcoin is impossibly going to surpass gold as it is clearly on the path to do so. There were analysts, macro analysts, economists, and other notable personalities present there to discuss the subject of Bitcoin.
Mike McGlone from Bloomberg started the discussion by putting forth the importance of Bitcoin as a cryptocurrency features on decentralized networks and its capability to revolutionize the conventional financial system down to its core. He further said that BTC would sooner or later take down the flight of gold and thus replace the commodity even if the US is currently issuing every regulatory hitch it can pull to stop Bitcoin from achieving it.
Bitcoin Adoption Rate has Increased
This might be interesting as the US is currently opposing the digitalization of money and the removal of precious commodities such as gold out of the picture. Everyone should be reminded that the value of the dollar is based on gold, and therefore the world’s economy is in the mix. If someday Bitcoin is to overtake gold and surpass it, then, first of all, it needs to be acknowledged by all the major regions in the world and must have a global outreach, and if this isn’t the case, then it can’t just replace gold in the middle of the night and act as nothing happened in the morning.
Gold has been issued as a standard when it comes to money, trade, and other financial aspects of the nations, and it has been in this place for centuries, so if someday Bitcoin is to take over, then it needs strong foundational merit, and above all, a shared acceptance as gold does all over the world. However, increasing adoption rates of Bitcoin has definitely given gold some hard time and fairly enough some competition, but it is not even near to dismantling its position as the global wealth standard.