Bitcoin is in the process of replacing gold as a digital reserve asset, according to a report by Bloomberg Intelligence (BI), says Finextra.
“The value of Bitcoin has increased 10 times while under the microscope of US regulators and suggests the acceptance of digital currencies. Bitcoin saw its fourth straight daily gain yesterday, climbing briefly past the $55,000 mark late in the day,” explained BI.
“Funds are flowing to the benchmark crypto from gold, bonds and stocks as evidenced by Tesla, allocating some of its wealth towards Bitcoin,” says BI’s Commodity Strategist Mike McGlone.
Bloomberg Intelligence says that the rising tide of Bitcoin adoption is simply prudent for the gold allocators, increasing the risk of the metal heading towards redundancy in a world that quickly becoming digitalized.