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Deutsche Bank analyst, Marion Laboure, envisions Bitcoin taking the role of digital gold in the future. By enjoying a “first-mover advantage” over other cryptocurrencies, this can last for centuries and remain largely uncontrolled by governments.
The remarks follow an updated article to Deutsche Bank’s website. In the “what next” section, Laboure described how she could “potentially see Bitcoin to become the 21st century digital gold,” nevertheless warned investors against the crypto asset’s volatility. It is important to keep in mind, the analyst noted, that most Bitcoin purchases are still made for investments and speculation purposes and not so much yet for using the coins as a medium of exchange. Laboure added:
“Just a few additional large purchases or market exits can significantly impact the supply-demand equilibrium. Bitcoin is too volatile to be a reliable store of value today. And I expect it to remain ultra-volatile in the foreseeable future.”
While expressing her concerns about a lack of regulation over cryptocurrencies and its environmental impact, Laboure pointed that Bitcoin would remain the most dominant digital asset in the crypto space. Although Ethereum might have more use cases in decentralized finance and the world of non-fungible tokens (NFTs), she said, Bitcoin still has its “first-mover advantage.”
“If Bitcoin is sometimes called ‘digital gold’, Ethereum would then be the ‘digital silver.’”
In March, Laboure had said that Bitcoin is “too important to ignore.” She said this after Bitcoin’s market cap breached the $1trillion mark. In a Deutsche Bank report part of their ‘The Future of Payment’ series, titled ‘Can the Tinkerbell Effect Become a Self-Fulfilling Prophecy’, the analyst justified the bull run by the Tinkerbell Effect, which is a term used to describe the power of belief. When applied to Bitcoin, one can reason that Bitcoin is valuable just because people believe it is.
Earlier in the week The Global Financial Markets Association, which includes Deutsche Bank have opposed to proposed tight requirements by a group of global central bankers and regulators known as the Basel Committee for Banking Supervision (BCBS).
The post Deutsche Bank Analyst: Bitcoin the 21st Century “Digital Gold” appeared first on iGaming.org:.
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Author: Peter Siu