Arthur Hayes, co-founder of cryptocurrency exchange BitMEX, made a bold statement claiming that Bitcoin (CRYPTO: BTC) is a better safe-haven asset than gold.
What Happened: In a recent blog post titled “Zoom Out,” Hayes, who is himself a Bitcoin billionaire, pointed out the technological superiority of the digital asset over the yellow metal.
"The key difference between Bitcoin and gold is that, in Lynn Alden's terms, the ledger for Bitcoin is maintained through a cryptographic blockchain, and money moves at the speed of light," Hayes emphasized.
Gold, on the other hand, is constrained by natural and man-made constraints, traveling only as fast as humans can.
Hayes mentions that while digital fiat, or central bank digital currencies, match cryptocurrencies in terms of speed, they pose inflationary challenges owing to government involvement.
Hayes concluded by saying, "Bitcoin is superior, whereas gold is inferior."
Why It Matters: Bitcoin proponents have aggressively promoted its narrative as a safe haven asset, giving rise to the moniker “Digital Gold.”
These narratives have been strengthened by Bitcoin's exponential growth since its inception in 2009. From $0.058 to the current value of $62,600, the cryptocurrency has jumped an astounding 1068965 times.
In comparison, spot gold has seen a more stable trajectory, rising 2.3x in the aforementioned time period from $1,011 to $2,329.
Read Next: Want A Physical Crypto? The Stainless Steel Replica Of This Bitcoin Offshoot Can Be Availed For Free
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