Sumit Gupta, co-founder and CEO of CoinDCX, on Monday shared a post about investing in gold or Bitcoin, the largest cryptocurrency by market value. “Bitcoin is the clear winner,” the CoinDCX CEO has said.
He asked investors, “What do you prefer? Investing in Bitcoins? Or investing in Gold?”
Gupta who is also the Co-Chair of Blockchain and Crypto Assets Council (BACC) said, “Bitcoin is, undeniable, the landmark of digital money and one of the most exciting financial technologies. It is the present and will definitely rule the future.”
Reasons listed by Gupta on why you should invest in Bitcoin:
– Real-time tracking of how much gold is available is almost impossible.
– Whereas, you can easily verify every Bitcoin that has ever been mined.
– It’s difficult to verify the authenticity of gold that you buy. There are tests, sure. But it takes days to get the results.
– Bitcoin, being public and open, can be verified in minutes with the click of a button.
– Gold is a centuries-old asset hence higher market cap ($10T+, lower volatility) class.
– Bitcoin is relatively new (~$1T), but network effects rapidly picking up.
– Transactions via Bitcoin can be done easily over the internet. Sending Bitcoin is as easy as sending an email.
– Sending gold from one place to another is an extremely cumbersome and tedious process.
– The purity of each piece of gold varies depending on the percentage of gold.
– Each Bitcoin represents the exact same value as another Bitcoin on the network.
– Gold is easy to counterfeit.
– Owing to the complicated, decentralized blockchain ledger system, Bitcoin is incredibly difficult to counterfeit
Meanwhile, gold price in Delhi on Monday declined marginally by ₹5 to ₹47,507 per 10 grams in line with weak international precious metal prices and rupee appreciation, according to HDFC Securities.
In the previous trade, the precious metal settled at ₹47,512 per 10 grams.
Silver also dipped by ₹27 to ₹60,914 per kg from ₹60,941 per kg in the previous trade.
The Indian rupee appreciated 45 paise to close at 74.62 against the US dollar on Monday.
In the international market, gold was trading lower at $1,788 per ounce and silver was flat at $22.42 per ounce.
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