Bitcoin has witnessed an evolution in terms of adoption over the years. As an asset gaining more and more institutional interest, BTC, the pioneer of the crypto community, has been the best performing asset class of the last decade. Over a 10-year period, Bitcoin (BTC) has brought its investors 10 times more returns than Wall Street’s Nasdaq 100.
Peter Doyle: I philosophically defend Bitcoin (BTC) every day
So Bitcoin continues to attract executives from around the world. Peter Doyle, co-founder and director of New York-based Horizon Kinetics, which provides investment consultancy, said the following on similar topics in a recent podcast:
The investment community will get behind it… Bitcoin will act as a kind of battery to carry wealth into the future without losing any power.
Doyle said he “philosophically defended” Bitcoin every day. Also, “I believe the world really needs Bitcoin, or some kind of cryptocurrency that will not decline in value at the whim of banks or politicians. I think it has the potential to solve many problems in the world, ”he said. Doyle said that by analyzing the possibility of the world moving to a Bitcoin standard, he thought all other regular value stores would create value for BTC. However, he added the following in this regard:
At some point, Bitcoin will not rise so abruptly and will rise based on the value other currencies lose on an annual basis.
“Bitcoin will continue to exist with digital currencies of countries”
Doyle stressed that no nation would want to abandon its currency. “Bitcoin digital dollar will continue to exist alongside the digital euro. However, in terms of storing value, I think these currencies will collapse compared to Bitcoin, ”he said. Doyle argued that Bitcoins should not just be spooled. He drew attention to the need to “drop” and “spend” the coin. Eric Anziani, chief operating officer of Crypto.com, recently emphasized a similar situation and said the following:
As the narrative of institutional adoption of Bitcoin diminished somewhat, investors began to turn to blockchains and protocols other than Bitcoin… Although Bitcoin is a very solid store of value, the market as a whole realizes how important altcoins and related projects are for the future of crypto.
Do experts think gold and silver are beginning to disappear?
Pointing to a scenario where global internet connectivity is disrupted, Doyle suggested that Bitcoin would not have much value in such a situation, and gave the green light to metals like gold and silver instead of cryptocurrencies. Regarding precious metals, he said:
I don’t think gold will go out of circulation 100 percent, but I can see that it could disappear very significantly from here.
Euro Pacific Capital CEO Peter Schiff recently claimed that gold and silver are the only two commodities to protect themselves from the ongoing inflationary price increase. MicroStrategy CEO Michael Saylor disagreed with Schiff’s stance, “Inflation is based on the commodities we need (such as oil, timber and copper), government-backed assets (government, corporate and housing debt), and rapidly growing technology (#Bitcoin) that is reshaping our world. flowing. Gold and silver are not among them, ”he said.