Since crypto’s earliest years, the Bitcoin Network and its native asset, BTC, have been lauded as the future of money, or in other cases, a digital store of value to replace gold. While many critics and traditionalists have cast aside this heresy (in their eyes), a prominent crypto insider recently touted his opinion that BTC will oust gold as the de-facto ‘safe haven’ asset.
However, Bitcoin’s rise to prominence won’t happen overnight, as there is still a multitude of hurdles that blockchain technology will need to bound over before a phase of global adoption is in our scopes.
Lou Kerner Likens Bitcoin To Amazon
Speaking on CNBC’s Worldwide Exchange segment, Lou Kerner, a co-founder and partner at CryptoOracle, expressed that confidence, and confidence only, is what backs BTC. And, seeing that only diehard believers remain in crypto, the industry savant noted that the market has been weak as a result.
Still, the cryptocurrency advocate went on to relate Bitcoin to the Dotcom Bubble’s Amazon (AMAZ), claiming that while the platform is a global powerhouse now, post-crash, it was valued at near-zero, far from its bubble high horse.
But, now, of course, AMAZ is one of the highest capitalized multinational corporations on Earth, a far cry from its humble beginning in Jeff Bezos’ two-car garage. This example, in and of itself, clearly alludes to the fact that Kerner believes it is far from the end for Bitcoin’s decade-long existence.
And, evidently drawing more lines between the two nascent markets, a common practice in crypto’s recent dismal downturn, Kerner added that world-altering technological advancements are overvalued in the short-run, and undervalued in the long-run — a perfect way to embody this industry’s current status.
Bitcoin, The “Greatest Store Of Value Ever Created”
Discussing Bitcoin’s prospects further, Kerner expressed that BTC will eventually surmount gold, presumably in terms of market capitalization, and replace it as the world’s foremost store of value. In other words, the diehard crypto proponent believes that BTC will become an asset that is a hedge for long-haul ‘HODLing’ if you will.
While the CryptoOracle partner expressed that this ‘flippening’ won’t occur overnight, Kerner added that bitcoin “is the great store of value ever created,” a big claim for a relatively new innovation, to be frank.
Kerner’s most recent comments came just three months after the CryptoOracle co-founder explained that BTC is “functionally much much better [than gold],” so the asset could see a Cambrian period of price growth in due time.
While the comments are logical, Bitcoin’s journey to the top obviously isn’t going to happen overnight. At the time of press, BTC has remained well under its $20,000 all-time high at $3,800.