Crypto researcher and analyst Willy Woo says Bitcoin will “easily” smash gold’s $7.8 trillion market cap. He attributes his prediction to Bitcoin’s scarcity and maximum supply of 21 million.
This is the reason why I think Bitcoin will easily exceed golds market cap.
*Mathematical scarcity beats perceived scarcity*
Perceived scarcity comes only from the technological limitations of today. https://t.co/TtIh41zz3F
— Willy Woo (@woonomic) February 1, 2019
According to the Daily Hodl, Woo’s tweet mirrors that of crypto veteran Dan Held, who explained early last month that Bitcoin was primarily created as a store of value as opposed to a replacement for traditional payment mechanisms like Visa or PayPal.
7/ “In this sense, it’s more typical of a precious metal. Instead of the supply changing to keep the value the same, the supply is predetermined and the value changes. As the number of users grows, the value per coin increases” – Satoshi
— Dan Hedl (@danheld) January 14, 2019
Recently, venture capitalist and host of the Keiser Report, Max Keiser stated stated that as digital cash, Bitcoin is “negligible,” but as digital gold, Bitcoin is “world-changing.” His statements come after reanalyzing Satoshi Nakamoto’s Bitcoin whitepaper, and concluding that “to really get Satoshi’s vision, Bitcoin is peer-to-peer gold.”
Additionally, Twitter CEO Jack Dorsey said during an interview with Joe Rogan that he believes the Internet will have its own cryptocurrency one day, adding that it could be Bitcoin.
Read more: Is Bitcoin at $1 million really possible?