Is Bitcoin A Store Of Value? Experts Weigh In On 'Digital Gold'

It’s hard to tell who was the first to coin - pun intended - Bitcoin as “digital gold,” underlining the idea that Bitcoin is a good store of value. To understand the community leaders’ thoughts about digital gold nowadays, we asked Binance’s  Changpeng Zhao, award-winning technology leader Jonathan Reichental, the  United Nations’ Susan Oh, Singularity University’s David Obran and other outstanding experts. 

The phrase “digital gold” possibly came into more widespread use after The New York Times journalist Nathaniel Popper's book, "Digital Gold," was published in 2015. Google searches for the term “Bitcoin digital gold” peaked in December 2017, when the leading cryptocurrency’s price hit record highs around $20,000 per coin.

Well before Bitcoin was born, computer scientist Nick Szabo wrote a proposal for “bit gold,” laying out a concept for secure digital money that is often referred to as Bitcoin’s predecessor.

After 10 years of existence, the question of whether or not Bitcoin can in fact be considered “digital gold” continues to be debated in the industry. Yes, Bitcoin is designed to be scarce, but when discussing it as a potential store of value, many point to Bitcoin’s historical volatility as an argument against doing so. 

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