Bitcoin To Replace Gold In 20 Years — EOS Founder

In two decades, bitcoin will replace gold and become the main store of value. Such an assumption was made by Brendan Blumer, the head of the EOS blockchain platform, on his Twitter.

After mining all possible emission of 21,000,000 BTC, commissions on the network will increase inevitably. However, users will be able to switch to cheaper second-level solutions for bitcoin transactions like Lightning Network. At the same time, the adoption of the first cryptocurrency and its liquidity as a means of payment will grow, Blumer asserts.

However, the founder of Block.one and EOS also believes that bitcoin will not scale as it doesn’t need it.

The entrepreneur Ashe Oro wrote in the comments under the tweet that gold is not going anywhere. However, even with a small block size and high transaction cost, it will be much easier and more profitable to store funds in bitcoins than in the valuable metal.

Earlier this year, Jan Van Eck, the director of the investment company VanEck Associates, stated that traders began to give preference to gold, while bitcoin was put on a back burner as a means to invest.

Tim Seymour, the head of Seymour Asset Management, agreed with him, calling the deposits in bitcoin very doubtful in the current financial and economic situation. He stated that the first cryptocurrency has lost its former liquidity indicators and is not suitable as a store of value.

Interestingly, the term “digital gold” has long been enshrined for bitcoin, and in 2016, Nathaniel Popper’s same name book about the first cryptocurrency was published.

Recently, the Google Trends report has indicated that the number of requests for the word “bitcoin” reduced significantly.