Blocktown Capital, an investment fund focused exclusively on blockchain ventures, digital currencies and protocol tokens, wondered about the amount of Bitcoins each country needs to accumulate to transition to digital gold.
It has been a wild ride for Bitcoin ever since its inception more than 10 years ago.
In the beginning of 2011, it was impossible to think that Bitcoin would ever reach the value of even one single dollar. However, throughout the years Bitcoin has shown impressive resilience, having survived multiple painful bear markets, while reaching new all-time-highs.
Whether it was $100, $1000, $10,000 and eventually $19,783, each and one of those prices were considered to be an impossible milestone at some point in the past, and Bitcoin smashed them all anyway.
Read more: Will Bitcoin replace fiat money?
Today, the investment fund Blockchain Capital is wondering about the amount of Bitcoins each country would need to own, in order to transition into the digital gold era, where Bitcoin replaces current gold reserves all together.
Yes, Bitcoin is growing up fast.
If Bitcoin were to replace current gold reserves, this is the am't of Bitcoin each country needs to accumulate to transition to "digital gold."— Blocktown Capital (@BlocktownCap) April 8, 2019
Governments have some accumulating to do... pic.twitter.com/JhwgDVRd0J
Blocktown Capital points out that many of the govermenets have some catching up to do, if they want to own enough Bitcoin, in order to be ready for this 'very possible' scenario.
Many cryptocurrency experts believe that the set market cap of 21 million Bitcoin makes BTC already more desirable than other assets. More desirable than gold even.
Gold could end up being replaced by Bitcoin entirely and if the number world's number one cryptocurrency was to replace gold, one Bitcoin could be worth around $380,000. Indeed not too shabby.
One more coincidence: If the next #bitcoin rally (in 2021?) does indeed reach $333,000, that’ll bring Bitcoin’s price to roughly that of #Gold, at $7 trillion each!#BitcoinGoldFlippening https://t.co/LNDayQIW2z— Bobby Lee (@bobbyclee) December 8, 2018
However, let's first see how Bitcoin holds up today, as the cryptocurrency market is showing red today, with Bitcoin on its way down to $5000 and most altcoins losing 5-12% of their value.
Governments still have some time to accumulate BTC we are sure.
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