/Could coronavirus see bitcoin beat gold?

Could coronavirus see bitcoin beat gold?

  • Max Keiser predicts that people are going to be swarming on bitcoin and buy it in bulk.
  • Recently speaking on his own news program, Keiser said that the coronavirus pandemic will see many billionaires all across the globe run towards gold.

Because of the coronavirus outbreak, Max Keiser predicts that people are going to be swarming on bitcoin and buy it in bulk.

Recently speaking on his own news program at the end of March, Keiser said that the coronavirus pandemic will see many billionaires all across the globe run towards gold. However, when all the gold dries up, the only alternative left for them to invest in is bitcoin.

He further said in his news program:

“I predict — and this is not only the ultimate use case but the ultimate irony — that once people realize that they cannot get gold, they’ll start flocking en masse into Bitcoin.”

This prediction came from a report released on the 25th of march by Bloomberg which warned that the gold industry was going through uncertain times and because of the high demand, it is facing potential turmoil.

This, of course, routes us back to the argument of what is better, Bitcoin or gold? It’s an age-old argument that may never get an answer however, at the end of this pandemic and financial crisis maybe the question might get a little clearer. Bitcoin is an asset that knows no bounds, is light and much easier to carry around for day-to-day use. When it comes to gold, there are a number of drawbacks including it being expensive to move and will typically need a trusted third-party to store the assets. But when it comes to Gold as well, the higher the price, the more effort that we as people put into increasing its supply.

Co-host of Max Keiser’s news show, Stacey Herbert said that when it comes to gold we could be about to go through a severe crisis just like in the toilet paper space. 

Before this, Keiser had previously said:

“Remember: billionaires think of gold and silver the way the unemployed think about toilet paper.”

It will be interesting to see how this situation plays out. For more news on this, the Bitcoin Price and other crypto updates, keep it with CryptoDaily!