Bitcoin now competing against gold, billionaire investor says, as BTC rises by 47%

Billionaire and founder of Microstrategy, Micheal Saylor, had said cryptocurrency, Bitcoin (BTC) is now competing against a traditional asset, Gold.

There has always been an argument about the status of cryptocurrencies as a store of value among asset classes like real estate, bonds and equities amongst other investable assets.

Bitcoin has often led the conversation due to its value being the highest amongst crypto-assets and its adoption globally.

In a Twitter post on Sunday, Saylor made a case for Bitcoin as a worthy store of value, stating, “#Bitcoin is competing against Gold, Collectibles, Art, Equities, Real Estate, Bonds, & Money as a Store of Value in the 21st Century.”

The comment by Saylor, whose company owns about $3 billion worth of Bitcoin, follows the return on investment (ROI) that BTC has offered this year when compared to that of Gold.

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Ripples Nigeria’s analysis showed that Bitcoin has appreciated by over 47 per cent year-to-date, but Gold ounce has only managed to squeeze out 0.38 per cent growth between January to February this year.

The selling price of Bitcoin increased by $7,841.87 in the last 56 days from $16,688.85 reported on January 3, 2023, to $24,530.72 as of Sunday, February 19, 2023.

Gold on the other hand has witnessed sluggish growth, dragging from $1,839 as of January 3, 2023, to $1,846 as of February 20, 2023.

Meanwhile, during the weekend, Bitcoin experienced a decline in its value, depreciating slightly by –0.14 per cent between Friday and Sunday.

Bitcoin’s value dropped to $24,530.72 on Sunday, from $24,565.60 it closed Friday’s trading, according to data obtained from Coinmarketcap.

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