Unbelievably, the number of investors willing to access Bitcoin as a safe investment is increasing drastically. However, the market size of Bitcoin is still too small for it to be ranked as a competitor of the actual gold market. Actually, Bitcoin is only popular and acceptable in the developed countries. Developing countries, especially those from Africa and South America are yet to accept Bitcoin as a form of money or asset.
Generally, Bitcoin has a market cap of about $60 billion, though it is increasing rapidly. However, this is quite negligible when compared with gold that has a market cap of above $7 trillion. It is, therefore, too early to start comparing Bitcoin and gold as equal competitors. Maybe we can do so in the future.
Even Bill Gates speaks highly of Bitcoin
Does this mean that Bitcoin has no place in the money and investment markets? Of course, we cannot afford to ignore Bitcoin. On the contrary, it is the thing to watch because it is more ‘of the moment’ than gold. Let us look at it this way. All asset classes out there are at trillion-dollar levels including gold. However, Bitcoin is just a small portion of the gold out there in the market. Experts, therefore, feel that Bitcoin has higher chances of appreciating than gold and it is likely to overcome gold with time if the current trend is something to go by. This is because the price of gold has never appreciated like Bitcoin, throughout its entire history.