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Bitcoin Now Equivalent to Gold, Says Samson Mow
The Strategic Bitcoin Reserve (SBR), a new initiative launched by the US government, has sparked concerns among market participants. Despite the expected impact of having a central authority backing the cryptocurrency, the market has responded with caution.
As previously reported, the SBR aims to stabilize the volatile crypto space by maintaining a strategic reserve of bitcoin and other cryptocurrencies. While this move was anticipated to have a positive effect on the market, the opposite is happening. The price of Bitcoin has taken a hit, dropping 3.13% in the past 24 hours.
Samson Mow, former CSO at Bitfinex and a leading figure in the crypto space, took to social media to share his thoughts on the current situation. He believes that the creation of the SBR is not enough to stabilize the market, saying “Bitcoin now equivalent to gold”.
While this statement may come as a shock to some, it is crucial to understand the context behind Mow’s words. By declaring Bitcoin equivalent to gold, he implies that the cryptocurrency has become a store of value, just like traditional gold.
Gold, historically considered a safe-haven asset, has seen its price fluctuate over time due to various factors such as inflation and supply-demand imbalances. Mow’s statement suggests that Bitcoin is no longer an investment opportunity alone but rather a medium for holding value in times of uncertainty.
This sentiment resonates with the broader market view on Bitcoin, which is now widely recognized as a store of value. Many investors are turning to the cryptocurrency as a means of diversifying their portfolios and hedging against market volatility.
In light of these developments, it’s essential to re-evaluate our perspective on the role of Bitcoin in today’s markets.
Source: https://u.today/bitcoin-now-equivalent-to-gold-says-samson-mow
