The interest in Bitcoin and its adoption as a store of value could propel the virtual currency to new heights. The report compares Bitcoin to gold as assets for storing value. While gold has a history of thousands of years, Bitcoin still needs to prove that it can reach the same status.
Despite its market value of around $204.2 billion, Bitcoin is still far behind the $12 trillion market value of gold. In fact, it is less than 2% of the gold market. The report explains that Bitcoin has a significant potential to surge and eventually reach the same level as gold.
The report explains, "The market value of gold currently exceeds $12 trillion. On the other hand, the value of Bitcoin is currently around $200 billion, which is less than 2% of the gold market. If Bitcoin as an alternative digital store of value grows to the level of gold, it would provide an opportunity for over 60 times market expansion."
It's worth considering that some organizations, such as MicroStrategy, have already invested a significant amount of money in Bitcoin. They have announced acquiring over $425 million worth of BTC in just a few months.
Last year, Bitcoin's performance closely resembled that of traditional financial markets. However, since the beginning of this year, Bitcoin has been trading in sync with stocks and experienced a decline during the health crisis in March. From that moment onwards, Bitcoin and the entire financial market started to recover.
Currently, Bitcoin has seen a two-day continuous rise, giving a sense of potential breakthrough after surpassing $11,180. Will Bitcoin create more space and end the volatility that started in August, thereby transforming the small bull market since March into a bigger one?
So, how can one quickly acquire one or more Bitcoin or Ethereum?
Currently, the price of Bitcoin on the market is worth over 70,000 yuan per coin. For most people, their available funds are limited. As a result, they can only give up direct transactions on exchanges. Previously and still now, most individual miners prefer using more flexible mobile mining methods. It is convenient, secure, and stable. Of course, the most important thing is to securely hold one's Bitcoin or Ethereum and wait for their value to increase. Ethereum has not yet recovered as much as Bitcoin since the previous dip and, with the upcoming 2.0 upgrade in the second half of this year, it looks promising.
