Bitcoin’s trading volume has surpassed, and it has got more transaction volume than Gold for a pretty long time. The graph which shows that Bitcoin (BTC) is more valuable (regarding transaction volume) than Gold has been generated based on the correlation data from LMBA and Coinmentrics.
Bitcoin has been clearing more tx volume than global gold markets since early 2017.
BTC: on pace to process $1.1 trillion in 2018 transactions
Gold: on pace to process $0.4 trillion in 2018 transactionsSources: https://t.co/eVqQiq56gv for BTChttps://t.co/zqh4eykqNb for Gold pic.twitter.com/oc5piRvrXE
— Kevin Rooke (@kerooke) August 15, 2018
BTC (Bitcoin) has been more valuable than Gold since 2017
The Bitcoinist site mentioned that this situation had been observed several times since 2017 starting just after the parity-hitting of Bitcoin with the price of Gold. So this means that the most precious metal Gold is under pressure by Bitcoin.
Gold is generally compared with Bitcoin due to its value. At the beginning of this year, John Pfeffer who is the partner of Pfeffer Capital discussed the feasibility of Bitcoin rather than Gold. Pfeffer claimed that Bitcoin is more valuable than Gold. He supported his claim by adding that Bitcoin is more convenient for stocking and transferring.
Pfeffer also stated that Gold reserves are replacing with Bitcoin reserves. He also said that if 25% of the Gold reserve will be switched to Bitcoin, then the total crypto market will reach 6.4 trillion USD market value.
Defining moment in monetary history: #Bitcoin price tops #gold for the first time ever. via @welt pic.twitter.com/URlMN6Ec6a
— Holger Zschaepitz (@Schuldensuehner) March 3, 2017
Some of the investors criticise this approach
Nevertheless, some of the Twitter users claimed that the Gold transaction volumes could not be measured easily. Besides, they have added that very few Gold; precious metals are used in the circulation so it would be wrong to come to a decision.
