Senior Bitcoin (BTC) bull Max Keiser says gold has only one advantage over the world’s leading crypto asset in terms of market capitalization.
Despite being a vocal Bitcoin advocate in a new interview with Wall Street veteran, Stansberry Research’s Daniela Cambone, gold’s; It claimed to be superior to Bitcoin because it is a malleable mine that retains its properties, can also change shape and provides anonymity to its owner.
“At the moment, the only feature that gold has, but not Bitcoin, is fungibility. Gold is exchangeable to the extent that Bitcoin does not. Even if you melt your gold and reformat it in another way, it remains as gold and is completely anonymous. It is completely fungible. However, you can track where your Bitcoin came from. Bitcoin; You don’t have the same flexibility because it’s digital, it’s a public blockchain, and it’s transparent. ”
According to traditional economic definitions, Bitcoin is not 100% fungible, unlike gold, which can take a completely new form after melting, as the blockchain allows you to see the history of each coin.
According to Keizer, the lack of privacy on the Bitcoin blockchain could be the reason for the massive decline in criminal activity using BTC. In this case, too, most criminals will prefer cash or other assets.
“Actually, this is why the criminal use of bitcoin disappeared on its own. Recently, it is estimated that 1% or 1.5% of criminal cases in the world have used Bitcoin, and this number has dropped below 1% in the last 5-9 months. In fact, using Bitcoin for crime is a terrible idea because anyone can access the public blockchain. It is completely transparent and they monitor criminals, so criminals do not choose to use Bitcoin. They may be using cash or gold. It is much more flexible. ”
Former Central Intelligence Agency director Michael Morell recently published a document claiming that criminal activity actually flows from the Bitcoin blockchain to anonymised cryptocurrencies such as Monero (XMR).
“Based on our research, I began to believe that if there was a financial ecosystem where bad actors would have the greatest chance of detecting them and their illegal activities if bad actors used it, it would be a blockchain.”