Eric Trump has predicted that Bitcoin is set to attract capital from gold. This comes even as BTC’s price struggles below $100,000 due to the recent market crash.
Eric Trump Sees Bitcoin Flipping Gold in Global Reserve Debate
In a recent interview, Eric Trump made the case that the balance between the two assets was shifting more towards Bitcoin. He said that as the world gets increasingly connected, assets such as Bitcoin start to have the advantage over physical commodities like gold.
Eric Trump shared that gold requires physical storage. Bitcoin however offers fast solutions for international investors.
Eric’s comments follow other calls suggesting Bitcoin could one day surpass gold in market value. In October, Binance founder Changpeng “CZ” Zhao predicted Bitcoin would one day flip gold’s approximate $30 trillion valuation. “It might take some time, but it will happen,” CZ said.
Strategy co-founder Michael Saylor also chimed in. He said Bitcoin will surpass gold’s market cap by 2035. He said this will happen precisely when 99% of the digital currency’s supply will already have been mined. Saylor added BTC was the “centerpiece of the digital gold rush.”
Market Dip Highlights Divide Between Bitcoin and Gold
Though both are now deemed safe-haven assets, bitcoin and gold continue to behave quite differently in the markets. Gold currently holds a market cap between $20.8 and $28 trillion. Bitcoin, on the other hand, has over $2 trillion. This is about 8-10% of gold’s value.
Meanwhile, Gold has just seen its largest daily drop since 2013. This might be the beginning of a rotation of capital from gold into Bitcoin, according to one analyst at Bitwise.
Meanwhile, Peter Schiff is not convinced about Bitcoin’s chances to flip gold. He argued that Bitcoin is starting to lose its appeal as a store of value. Schiff pointed out that Bitcoin has also fallen over 30% against gold since August.