Bitcoin is often nicknamed digital gold, but how does it stack up against physical gold in terms of returns and scarcity?
YTD RETURNS: BITCOIN EXCEEDS GOLD BY A MILE
If you had invested $1,000 in gold at the start of the year, you would have had about $110 in profits, which is not that bad. The same amount invested in Bitcoin would have brought you over $1,640 in profits.
Gold is well-known for its capabilities to preserve value and hedge against inflation. However, top cryptocurrencies like Bitcoin, Ethereum, and Ripple have proven to be smarter investment options, at least in the last five years.
According to Twitter user @CryptoHandelaar, $1,000 invested in Bitcoin in July 2014 would have generated a return of $14,463 as of early July 2019. On the other end, $1,000 invested in gold under the same conditions would have generated a profit of $41.