Is Bitcoin Really the New Gold?

Bitcoins” (CC BY 2.0) by Jorge Franganillo

It’s a cliché to say that investors in Bitcoin have been on something of a rollercoaster ride over the last few years. But it’s true that, if it were in an amusement park, the cryptocurrency would have one of the longest queues of all. There were the crazy highs of 2017 when it seemed like there was no ceiling to how high the value could rise. Then there was the subsequent plunge, greeted with not a little schadenfreude from the naysayers who had known all along that the bubble would burst.

Here we are in 2021 with Bitcoin reaching unheard-of heights, but still with doubting voices all around. However, the big difference is that that there is now also a chorus of voices saying that the typical refuge for cash when times are uncertain, gold, could soon be usurped.

While this is far from what was first envisioned when Bitcoin was created as a currency free from the control of governments and financial institutions, perhaps it’s on the verge of joining the mainstream.

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Even some of its most vociferous critics, including CEO of JP Morgan, Jamie Dimon, have changed their tune. Back in 2017 he certainly didn’t mince his words in warning off would-be investors. Today, he may not be exactly rushing to invest himself, but Dimon is on the record as saying that some very smart people are getting involved and are excited by its potential as a secure investment in troubled times.

Until now, Bitcoin has been struggling for credibility as anything other than a slightly mysterious investment vehicle for the adventurous. Many have felt that only by becoming a currency that is actually used to buy goods and services can it enter the mainstream.

bitcoins paypal


PayPal” (CC BY 2.0) by André-Pierre

One event that has gone some way to address this issue has been the announcement by PayPal that it is to allow the use of Bitcoin along with Ethereum and Litecoin. Immediately after the announcement, the value of Bitcoin rose and continued to rise.

This move promises to be relevant in a wide number of sectors, including those that have so far been slow to adopt cryptocurrencies. These range from retailers who have steadfastly stuck with traditional currencies to online casinos, often the first to innovate when it comes to payment methods. The majority of these welcome e-wallets like Skrill and Neteller as well as PayPal. One only has to check out the Bonusfinder article about Paypal casinos to see just how many there are, as well as to discover the bonuses that they offer new players. Now that, theoretically, Bitcoin can also be used at these casinos it may well herald a boom for them too.

It does seem like the cryptocurrency is gaining a more solid foothold in the world of finance. Some are even speculating in a post-Brexit Europe many of the major banks across the continent will also be more open to considering it as a legitimate investment asset.

So it might not have quite struck gold at this point, but the excavations are getting closer all the time.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.

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