Why Crypto Won’t Replace Gold As a Store of Value

Why Crypto Won’t Replace Gold As a Store of Value

As big names from Elon Musk to the Bank of New York Mellon dive into Bitcoin, people are throwing around the term “digital gold” to describe cryptocurrencies. 

The Bank of Singapore went straight to the point when it claimed that cryptocurrencies could replace gold as a store of value. But this comparison is highly flawed, and risks misleading regular citizens into placing their trust in an asset that is still highly unstable and could rapidly deplete their savings.

First, let’s talk about gold. Gold is considered a strong store of value because its physical properties and scarce supply mean that its value stays consistent over…

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