Ronald-Peter Stoeferle, the managing partner of investment management firm Incrementum AG, has suggested that Bitcoin’s growth in recent years has overshadowed gold as the two assets tussle for the presumptive store of value status.
Stoeferle noted that Bitcoin’s increased coverage would play a part in the assets becoming a risk-off investment, especially with the input of institutional investors, he said during an interview with Finews Asia published on July 7.
According to Stoeferle, the increased attention towards Bitcoin has triggered some investors to discover gold eventually in search of a store of wealth asset.
“Bitcoin has somewhat stolen the show from gold in recent years in terms of media coverage. Looking at the money flows, I don’t see any central factor for the gold price development here <…> Bitcoin buyers tend to be younger, technology-savvy and are often concerned about our monetary system. Many crypto investors who have understood Bitcoin eventually go on to discover gold,” said Stoeferle.
Bitcoin’s distinction from rest of crypto market
The managing partner added that Bitcoin would fully establish itself once 99% of current cryptocurrencies are wiped out of the market. Stoeferle stressed that Bitcoin is a clear distinction from the rest of the market, growing as monetary technology and as a financial upgrade with similarities to gold.
“Bitcoin is also getting stronger with each holding. The concept of combining two alternative monetary asset classes in one fund is appreciated by our investors,” he added.
For the long term, the investment manager stated that Bitcoin has a better chance of surpassing gold if the flagship crypto continues to establish itself in the next few years.
His projection of Bitcoin price correlates with a previous assertion that the crypto will undergo a significant price evolution in the coming years.
Despite the ongoing bear market, Stoeferle noted that the next phase of Bitcoin’s price growth is yet to begin, and the next value will be driven by the asset’s growing status as a hedge against inflation.
Notably, amid a high inflationary environment, Bitcoin’s price has struggled, currently attempting to sustain its value above the crucial $20,000.
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Source: https://finbold.com/bitcoin-has-stolen-the-show-from-gold-says-r-p-stoeferle/