Bitcoin Does Not Replace Conventional Money, Crypto Assets Are Just Like Digital Gold
JAKARTA - Many people underestimate this cryptocurrency. Some people think crypto assets can replace conventional money. It seems that the suspicion is wrong, Bitcoin cs actually has a value that is more like gold than fiat money.
These crypto assets are decentralized, aka not regulated by anyone. Unlike conventional money which is currently controlled by the Fed, cryptocurrencies are more transparent and no single entity controls the value of crypto assets. Even so, digital money still reaps pros and cons in various circles.
One of the economists from the Netherlands, Alex de Vries, stated that Bitcoin cs has failed to become a transaction tool. Vries said this based on his observation of the volatility of high cryptocurrency prices.
"The only remaining 'use case' of Bitcoin is hoping its value goes up and someone pays you more than the fees you pay," said de Vries, quoted by Fortune, Wednesday, April 28.
Bitcoin cs does have a very high level of volatility. Bitcoin touched its all time high record on April 14, 2021. The crypto money champion managed to climb to the level of 64 thousand US dollars. A few days later, the Bitcoin price slumped to touch 49 thousand US dollars.
In contrast to de Vries, a seasoned US investor, Bill Miller revealed that cryptocurrency is more like gold.
“Supply (Bitcoin) is growing two percent a year while demand is growing faster. That's all you need to know, and that means the value is even higher, "said Miller.
He also argues that it is time for Bitcoin to become mainstream in the monetary system. Miller also added that the volatility of cryptocurrency is a risk that must be borne by owners of Bitcoin cs. Miller calls Bitcoin more "like digital gold."
Crypto Money is Getting Widely Accepted
Over time, cryptocurrency has begun to be accepted by a number of financial institutions, giant companies and sports clubs. For example, the two big US bank giants, Goldman Sachs and Morgan Stanley, have started offering bitcoin investments to their customers. PayPal, Visa and MasterCard have also accepted cryptocurrency transactions.
Do not stop there, the electric car company Tesla openly revealed that it accepted the purchase of Tesla cars using Bitcoin.
A number of sports clubs have also begun to allow cryptocurrency payments to their players. One of them is the English League football club, Southampton pay players an annual bonus using Bitcoin, as reported by Bitcoin Magazine.
Another Premier League club, Watford, has even put the Bitcoin (BTC) symbol on its jersey. Previously, in June 2019, the Portuguese League football club, Benfica, was also the first football club to accept payments using Bitcoin and Ethereum.