Even with the current cryptocurrency slump, Bitcoin, the world’s leading digital currency has been moving bigger transaction volumes than gold since the second quarter of 2017. Coinmetrics.io has consistently shown BTC’s volume to be three times that of gold.
Social Media personality Kevin Rooke was the first person to spot statistics showing Bitcoin’s transaction volumes outshining gold’s global market sometime last year, way before it hit the all-time high of close to $20,000. This year alone, BTC is projected to process over $1.1 trillion transactions compared to gold’s expected $0.4 trillion transactions.
This remarkable achievement isn’t a one-time event as it’s happened steadily since Q2 2017 following the digital currency’s achievement of parity with an ounce of gold in spring last year. Bitcoin is achieving the great coup notwithstanding the serious dip it took at the beginning of 2018 to outperform gold by a factor or two. BTC has been around for less than a decade but it’s already displaying more potential in the digital age than gold that’s held fort as the trusted vale store for ages.
Prophecies Come True?
Interestingly, it’s not the first time such a comparison is being made. John Pfeffer of Pfeffer Capital prophesied early in the year that BTC was on its way to becoming gold’s first workable replacement. He stated that Bitcoin:
“Is better than gold […] vastly easier to store and transact with than gold.”
The Winklevoss twins’ made a similar prophecy in late 2017 emphasizing that:
“We think that there’s a potential appreciation of 30 to 40 times because you look at the gold market today, it’s a $7 trillion market. And so a lot of people are starting to see that, they recognize the store of value properties. So we think regardless of the price moves in the last few weeks, it’s still a very under-appreciated asset.”
Comparison to gold
Many crypto enthusiasts have often compared gold to Bitcoin believing it’s on its way to supplanting the precious metal because it has more advantages. They make comparisons with Bitcoin’s price predictions standing on the premise of grabbing a portion of gold’s marketplace. BTC’s current trading volume is $6,500 after an increase of 1.44% in 24 hours compared to gold’s $1,191.8, an increase of 0.66% during the same period.