Bitcoin Must Evolve Beyond 'Digital Gold' Narrative, Says Bitwise CEO

IconCryptoNewsTerminal Staff15 Jun, 2024

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Bitcoin Must Evolve Beyond 'Digital Gold' Narrative, Says Bitwise CEO

Hunter Horsley, CEO of Bitwise, believes Bitcoin (BTC) needs to move past its "digital gold" narrative in order to reach its full potential. Horsley argues that while the "digital gold" narrative helped Bitcoin gain traction in its early days, it is now holding it back. He points out that gold is one of the worst-performing asset classes in the world, and that associating Bitcoin with gold limits its potential. Unlike gold, BTC can be sent and received instantly, is not subject to physical storage, and carries relatively little counterparty risk. Additionally, Horsley notes that most people who own BTC do not own gold, indicating that the "digital gold" association is false equivalency. Horsley believes that Bitcoin is in a new phase of growth, and that it needs to develop a new narrative that reflects its unique properties. He suggests that Bitcoin could be positioned as a global currency, a store of value, or even a new asset class. By shedding the "digital gold" narrative, Bitcoin can unlock its full potential and reach a wider audience, Horsley concludes.

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