Bitcoin is considered “more than digital gold”

Inspenet, July 12, 2023.

Luke Broyles, investor and defender of Bitcoin, affirms that comparing the aforementioned currency with digital gold is not enough.

Broyles explained on Twitter that this metaphor is similar to saying that “the internet is like one big digital newspaper.” Although it is true, he adds that if the vision is limited to that, 95% of the innovation offered by Internet technology would be lost.

In his opinion, the comparison between Bitcoin and gold ignores the relationship that cryptocurrency has with artificial intelligence. Broyles bases his claim on the ability to link it to AI.

For example, recently, the ChatGPT artificial intelligence program has acquired the ability to make Bitcoin payments via the Lightning network.

Broyles raises the question of whether any robot or AI will accept pesos, dollars, or liras when it can verify the reliability of Bitcoin. From your perspective as an investor, artificial intelligence recognizes the power of this cryptocurrency compared to fiat currencies of countries.

Investors and Bitcoin

The importance of Bitcoin for institutional investors is increasing more and more. Broyles mentioned the case of Larry Fink, CEO of BlackRock, who a few years ago viewed cryptocurrencies as a tool for illegal activities.

However, now Fink speaks positively about this digital currency, stating that it is an international asset that has the potential to revolutionize finance, as reported in CriptoNoticias.

Bitcoin: more than digital gold

Broyles noted that comparing Bitcoin to digital gold is akin to comparing a locomotive to an iron horse.

In this sense, Broyles considers that this is misleading, since it implies that fiat currencies (horse) cannot match the strength of a locomotive (Bitcoin), so they have no chance of surviving compared to digital currency. The researcher also states that buying Bitcoin does two things: firstly, it is equivalent to opening a short position (short) with fiat currencies, and a long position (long) with everything related to innovation.

Source: https://www.criptonoticias.com/comunidad/bitcoin-mas-oro-digital-explica-inversionista/