Bitcoin as a store of value: 60% of BTC hasn't been moved in a year

10 Jun, 2019
by Richard Allen
Bitcoin as a store of value: 60% of BTC hasn't been moved in a year

Bitcoin is often argued to be a store of value, some even saying more so than gold. Recently, as prominent crypto Twitter account Rythmtrader tweeted that 60% of all Bitcoins haven’t been moved in a year.

Many other Bitcoin advocates have made similar arguments in the past. Nate Geraci, for example, president of the ETF Store noted that the vast majority of younger clients prefer Bitcoin over gold. “If you talk to, primarily millennials, and ask them which they prefer, Bitcoin or gold? It’s a landslide,” he said. “It’s not even close. It’s like 90% prefer Bitcoin.”

This is a sentiment shared by Bitcoin core developer, Jimmy Song. He compared Bitcoin to traditional investment assets like real estate and stocks. Additionally, he argues that bitcoin has been competing with the US dollar in many countries as a store of value, and may end up outplaying the fiat currency one of these days.

Additionally, well-known gold bug and Bitcoin skeptic, Peter Schiff recently sat down with Barry Silbert where he argued that Bitcoin couldn't be used on a global scale as it’s network would become too expensive to maintain.

However, according to a report, it cost barrack Gold Corp, the world’s largest gold mine, $87.3 billion to mine gold in 2017. By comparison, it cost $4.3 billion to mine Bitcoin for the same period.

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