Can Bitcoin be the new gold that funds your future?

economictimes.indiatimes.com:

gold. Bitcoin is often referred to as “digital gold” by supporters who feel it can provide a store of value just like bullion. Similarities like limited supply and worldwide acceptance show that Bitcoin is on the path to becoming an attractive option but it has to undergo its own trajectory to emerge as a strong competitor to gold. Earlier this year, Goldman Sachs in a note made a strong pitch by comparing Bitcoin to gold. The note said Bitcoin could be the new gold and in the coming years, it has the potential to grow 2.5 times its current value. The note further added that the organisation sees Bitcoin as having applications beyond a store of value. By definition, a store of value is an asset that has the potential to maintain its value over time, such as oil and precious metals. It is important to understand why Bitcoin is being compared to gold in the first place. Both gold and Bitcoin are in limited supply. While gold has been in use for centuries, it is available in a finite supply. Similarly, the total number of Bitcoins that can be mined is exactly 21 million, ensuring its perpetual scarcity as demand rises.

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From tracking sustainability of products to monitoring pollution, environmental researchers are now finding blockchain’s use in solving the climate crisis.

Factors like worldwide acceptance also play a role. Multiple countries are now starting to accept the use of cryptocurrencies like Bitcoin. While it may still be early, it is a definite factor of comparison. According to JP Morgan, both Bitcoin and gold share other common characteristics such as durability which make them hard to destroy, portability which makes them easy to store and transport along with verifiability as both