https://seekingalpha.com/article/4153684-bitcoin-new-gold
- Bitcoin is often compared to gold, and for good reason.
- Gold and Bitcoin share many similar properties, but where gold lacks, Bitcoin seems to excel.
- Wait, that’s not all, there’s more good news.
- If Bitcoin becomes the “new gold” its price could go a lot higher.
But Wait, How Can Bitcoin be a “Store of Value”?
Many people have questioned Bitcoin’s ability to be considered a viable store of value due to its volatile price action. This is primarily because Bitcoin is still in the relatively early stages of its existence, and at this stage of the cycle Bitcoin is still more of a creator of value than a store of it, for now. Despite its sharp fall from recent all-time highs, Bitcoin is still up by roughly 1,000% over the past year. Moreover, it is up by an unprecedented 450,000,000% or so since its first two pizza “commercial” transactions was implemented in 2010, when Bitcoin was valued at just one quarter of just one cent. Once Bitcoin’s price stops ballooning and becomes more stable it will stop being a “creator of value” and can be viewed as a store of value instead, as well as a possible “more stable” form of a worldwide currency.
While the scenario I proposed may take several years to play out, various favorable developments may materialize as soon as the second half of this year. These factors could spark a significant rally in Bitcoin that may propel the digital asset’s prices considerably higher into year’s end. My end of year price target for Bitcoin is $35,000.
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