Bitcoin (BTC) will replace gold as safe haven, says Devere CEO
With the younger generation more comfortable using cryptocurrencies, the Devere Group CEO believes that it's only a matter of time that BTC will replace gold.
Wed, 30 Sep 2020, 14:22 pm UTC
Lately, some people and businesses have been viewing Bitcoin (BTC) as a better alternative than cash as a store of value, especially with the expected devaluation of the dollar due to the massive stimulus program. But Devere Group founder and CEO Nigel Green go a step further with his belief that BTC could replace gold as the ultimate safe have within a generation.
Known as a supporter for cryptocurrencies such as Bitcoin, Nigel Green has been vocal about his optimistic predictions about the coin. On Monday’s broadcast of MoneyFM, the Devere Group CEO expressed his belief that BTC’s price will rise with the U.S. election and that the coin will eventually replace gold as a safe haven in a generation, Bitcoin.com reported.
For Green, it’s only a matter of time before cryptocurrencies such as Bitcoin will be accepted. “I just think [bitcoin] has gradually become more accepted,” Green explained. “When you go back to the basics, there’s always been a system of payments in the world.”
The Devere Group CEO likened cryptos as a more high-tech way of keeping score as everything is recorded in a tamper-proof blockchain. “If you go back to bartering, there’s always been some way of people keeping score,” Green added. “With the current situation, we have governments keeping score, and not everyone in the world is comfortable with their own government. So one way of looking at cryptocurrencies is that a computer is keeping score.”
With increasing adoption, a time will come when Bitcoin will replace gold. “So that’s what we’ve seen over a number years and just gradually more and more acceptance from people,” he added. “[Bitcoin] is similar to gold, as so much as gold is limited, and obviously young people are more willing to accept a digital currency than perhaps some older people.”
Bitcoin has one advantage over the dollar in that it has a limited supply. The dollar or any fiat currency for that matter doesn’t have a cap so governments can keep printing them which could lead to their devaluation.
“Of course, what’s happened in recent times has been mass printing of money but it’s really digitally added,” Green said. “If you are flooding the market with extra dollars, then in fact you are devaluing [money]. The advantage of bitcoin is that there is a limited amount. Some people would rather a computer keep score, and some people would not have faith in their government and they would rather have something where there’s a limited amount.”
Previous studies have shown that younger investors are more comfortable using cryptocurrency. This means that it’s only a matter of time before Bitcoin and cryptocurrency will be accepted. “There’s a particular generation that is more trusting in gold, but then there’s another generation coming through,” Green added.
Nigel Green is the founder and CEO of the Devere Group. The firm is one of the largest independent organizations in fintech with more than $10 billion worth of assets under management.
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