Bitcoin was often labeled 'digital gold' as a value store. This thought came to the forefront in the second month of 2017. Because Bitcoin has made a huge upsurge in global financial markets. The World Gold Council on this issue has disclosed some of its views.
Scalability was a long-term question that bothered Bitcoin. However, having a great potential, it comes as a major factor that absorbs high transaction costs and delays. While bitcoin is growing at high volatility, it remains on top of alternative crypto money in terms of value per coin. Many crypto money and mainstream financial analysts like Bitcoin for that reason.
Famous American publisher Max Keizer said, Bitcoin is helping the gold market by smashing the Wall Street matrix, which is exposed to ongoing unsecured short selling and financial manipulation in the gold futures market.
The World Gold Council says Bitcoin is not like gold
The World Gold Council (WGC), a market development organization for gold, published on January 25, illuminates its stance against cryptographic currencies. According to statistics, gold showed a growth of 13 percent in 2017. It is a statistically positive statistic, but only slightly limited growth over the same period as Bitcoin's parabolic growth.
The WGC's report explains the status of crypto money and why gold is a valuable investment deposit in the crypto-currency era. However, it is a fact that gold trade sees less fluctuation and the market is more liquid and highly regulated. At the same time, the gold market was also established as a well-structured investment portfolio.
According to the WGC:
The various players in the gold market are discovering Blockchain in the context of making gold a 'digital asset', identifying gold resources in the supply chain and bringing efficiency to post-trade reconciliation processes.