Since its birth, Bitcoin has been compared to gold, even being classified as its digital version. However, to think this would be to visualize a world where both assets complement each other and, according to Michael Saylor, that idea is far from crypto reality.
One has to die, what will it be?
This is probably not the first time you’ve heard Bitcoin being associated with ‘digital gold’, this basically seeks to emphasize the idea that there are similarities between Bitcoin and gold.
This idea became even more ingrained thanks to the pandemic, which has caused world investors to seek refuge in gold and Bitcoin, the latter especially as the gold market became crowded and the leading crypto demonstrated its potential.
In fact, as we have reported in CryptoTrend, on multiple occasions Bitcoin and gold have been closely correlated.
However, a new vision is beginning to make noise in the crypto community: Bitcoin or gold, the two cannot survive.
MicroStrategy CEO Michael Saylor suggested today that comparisons between Bitcoin and gold may not be entirely accurate. To be more precise, Saylor believes that BTC will end up annihilating gold.
It all started as a response to Saylor’s latest podcast from Morgan Creek co-founder Anthony Pompliano via Twitter.
In tune with what Pompliano pointed out, Saylor suggests that «It is dangerous to think that Gold and Bitcoin are similar and complementary investments. When the Bitcoin dragon emerges from its lair, the first thing it will eat is the Kingdom of Gold.
Will only one survive? What will it be? Bitcoin or gold? Just yesterday we saw both of them tumble as a result of the COVID-19 vaccine news, however Bitcoin managed to rebound, gold cannot say the same.
Bitcoin crypto hashrate rises in two days
After a huge crash that worried the crypto community, the BTC hashrate has increased by approximately 48% from November 8 to today November 10 at 00:00 GMT.
The hashrate subsequently plummeted 27% again as of writing time, according to Coinwarz data.
The increase we saw in hashrate was explained by the crypto community by attributing it to the relocation of Chinese miners upon completing their annual migration from Sichuan.
However, the subsequent crash has surprised the crypto community again.
Crypto Hackers Enjoy the Rise of Defis
According to a report from CipherTrace, 40% of all crypto hacks during the first half of 2020 were directed at decentralized finance protocols and crypto exchanges.
Specifically, crypto hackers have managed to obtain $ 51.5 million of stolen crypto related to DeFi from January to June. And, from July to now, the figure is $ 47.7 million.
The boom and bust in DeFi has generated a clear weakness that crypto hackers have taken advantage of.
A former Microsoft worker is sentenced and Bitcoin is involved
A former Microsoft engineer has been sentenced to nine years after leading a scheme, involving Bitcoin, to defraud his employer out of $ 10 million.
He basically used the accounts and identities of his co-workers to steal and sell digital gift cards. By selling the cards online, he made incredible profits that he laundered through Bitcoin.
In a few lines …
- Bitcoin whale start a new crypto month moving 268,858 BTC, through 77 operations.
- Lebanon will launch a digital currency in 2021 according to a Central Bank report, according to The Block.
- Bitcoin reached yesterday a spike in the number of active crypto addresses.