Bitcoin to replace gold in 20 years - EOS co-founder

Brendan Blumer believes that Bitcoin will become a primary store of value in 20 years.
BTC/USD recovery is capped by $4,000.

Tanya Abrosimova Independent Analyst

The first digital currency will replace gold as a store of value of choice in 20 years, according to EOS COE and co-founder Brendan Blumer. He is sure that transaction fees will inevitably grow after the last Bitcoin is mined; however, various scalability solutions, like Lightning Network will be there to offer cryptocurrency users more effective and cheap options.

"Most of the activity will flow to scalable layer-two solutions, but Bitcoin’s awareness and liquidity will continue to compound,” he wrote in his Twitter account.

In January, head of the investment company VanEck Jan Van Eck said that cryptocurrency investors were moving away from Bitcoin towards traditional asset classes like gold. He explained that Bitcoin drained his liquidity; that was why it was hard to regard it as a store of value.

Meanwhile, Bitcoin developer and educator Jimmy Song surveyed his Twitter followers and found out that the overwhelming majority of Bitcoin supported regard it as a store of value.

BTC/USD is changing hands at $3,974, capped by $4,000 resistance. Bitcoin bulls need to push the price above $4,000-$4,200 area to break the range and create conditions for an extended bullish run. Otherwise, the coin is likely to stay in the range during the next trading sessions.

BTC/USD, 1D chart

Author

Tanya Abrosimova

Independent Analyst

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