The American publishing executive, Steve Forbes, recently published a video concerning his thoughts on bitcoin and told viewers that the popular crypto asset is â€œnot yetâ€ the new gold. The business magazineâ€™s editor-in-chief says that bitcoinâ€™s value â€œremains too volatile,â€ and he believes the supply cap of 21 million will someday â€œseverely hinder its future usefulness.â€
There still remains a number of skeptical people in the finance world that believe cryptocurrencies have a long way to go from here. Just recently, Malcolm Stevenson â€œSteveâ€ Forbes Jr., published a video on Youtube concerning the largest crypto market in terms of market capitalization.
Forbes is a pessimist when it comes to bitcoin (BTC) and he says that gold has been the monetary standard for over 4,000 years. â€œIs bitcoin the new gold? Hereâ€™s why the answer is not yet,â€ says Forbes in the video released last Friday. The short three-minute film dubbed â€œWhatâ€™s Aheadâ€ published by Forbes is supposed to give people inside tips to better navigate this turbulent world.
Forbes highlights that â€œbitcoin has been on a tear this year,â€ and the publishing executive explained a few reasons why the crypto asset is doing so well.
â€œThe biggest booster of the â€˜bitcoin boomâ€™ is the fear that the Federal Reserve and other central banks are printing too much money,â€ Forbes read from his pre-written notes. But the executive said the fluctuations in bitcoinâ€™s value are too crazy and noted that â€œbitcoin only works best when it has a stable value.â€
When speaking about BTCâ€™s inconsistent price and lack of stability, he said itâ€™s like â€œsteak one day, dog food the next, [and] fillet the day after that.â€ He mentioned a number of traditional commodities that donâ€™t fluctuate in value, at least not the way that bitcoin does on a daily basis. Forbes is a gold man without reservation, and he stressed during the video that â€œfor now, gold is the best insurance against inflation.â€ With bitcoin, Forbes also showed contempt for the crypto assetâ€™s 21 million limited supply. Forbes insisted:
The publisherâ€™s staunch bias for gold is underlined throughout the entire three-minute Youtube video. The commentary also discussed the price changes between the U.S. dollar and the precious metal. â€œWhen you see the dollar price of gold fluctuate, what you are seeing is really the value of the dollar itself changing,â€ Forbes confessed.
After speaking down on bitcoinâ€™s supply cap, Forbes had an odd way of explaining that gold is scarce, but the precious metal is also not too limited. â€œIn contrast, the issuance of gold increased about 2% a year,â€ Forbes concluded. â€œThat keeps gold rare but not too rare.â€ Forbes commentary also follows the recent statements from Fidelity Digital Assets president, Tom Jessop, who also recently said BTC is not a store of value.
â€œWe use the word â€˜potential store of valueâ€™ as bitcoin is still extremely volatile, and by any standard perhaps would not achieve the mantle of a true store of value,â€ Jessop explained.
What do you think about the recent statements from Steve Forbes and his opinion concerning bitcoin? Let us know what you think about this subject in the comments section below.
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