Bitcoin and Crypto Aren’t the Same & BTC Could Replace Gold if This Happens – Expert
An Argentinian bitcoiner and blockchain industry insider has claimed that Bitcoin (BTC) and crypto should not be equated – and has explained that BTC could one day surpass gold as a trading commodity.
Speaking to the media outlet Rio Negro, Maximiliano Carjuzaa, the founder of Money On Chain, claimed that the “crypto world is full of Ponzi schemes.”
“Except for Bitcoin and a few other honest projects, most projects have a pyramid component to them.”
Carjuzaa is one of the nation’s best-known Bitcoin advocates and previously worked at American Express, Mercado Pago, and Ticketmaster. He founded Money On Chain, a “financial tools provider,” in 2017.
When asked if crypto had the power to “replace fiat money in the long run,” Carjuzaa answered that it was important to “first separate Bitcoin and crypto.”
“Crypto is not something that catches my attention. And it often serves to make its founders rich.”
Will Bitcoin Ever Replace Gold?
Carjuzaa echoed sentiments voiced elsewhere – by those who claim that BTC will become “digital gold” in the years to come.
Many people with such viewpoints (including numerous financial analysts and even central bankers) claim that BTC has the potential to become a major store of value. But like gold, they argue, BTC is an ineffective means of payment.
“The monetary characteristics of Bitcoin are very similar to those of gold. Very possibly Bitcoin will take the place of gold in a few years, because gold cannot be sent over the web.”
And he said that if new sources of gold could be found, BTC prices will likely shoot up.
“Perhaps when people start mining in space, gold will no longer be a rare commodity. That might happen in 50 years. But gold has existed for 5,000 years, and that has never affected the ability of nations to make monetary policy. Something similar will happen with Bitcoin.”
As for BTC’s credentials as a possible replacement for fiat, Carjuzaa was non-committal, stating:
“It will be up to individual nations to decide if they want to grant Bitcoin legal tender status.”
Some Bitcoin maximalists claimed last year that they are stockpiling gold that they could “trade for BTC” should “panic” hit global markets.