What does the state of gold mining in Africa have to do with the global price of Bitcoin? Quite a bit, potentially.
How blockchain can open up energy markets: EU DLT expert explains
But, to the larger issue, Saylor may have a point. The fact is that more gold can always be mined, whether in Uganda or somewhere else, especially with advances in surveying and mining technologies, including aerial exploration.
The increasing participation of institutional investors means BTC is now more correlated with risky assets like equities, whereas a store-of-value instrument should be uncorrelated with the stock market. Added Venugopal: “Any new monetary asset undergoes a process of monetization through which it becomes more widely regarded as a store of value as a first step. This process could take another 5–10 years even. Gold has been around for thousands of years. Hence, while Bitcoin has all the properties of potentially replacing gold, this may still take some time.”
All this has only an indirect bearing on the Bitcoin “digital gold” question, which Venugopal, among others, acknowledges is a difficult one. As with fiat currencies, “Bitcoin’s value comes from adoption and users’ faith in the system,” he said. Before Bitcoin can be a store of value, it requires a user base comparable to that of a large fiat currency, in his view, adding:
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