Cryptocurrency could become digital gold, former US Treasury Secretary Lawrence Summers

Cryptocurrency could become digital gold, former US Treasury Secretary Lawrence Summers

Lawrence Summers, the former U.S. Treasury Secretary, has recently mentioned that the cryptocurrency might become digital gold very soon, even after calculating the restrictions on its use. Its importance in several economies will also stay limited, but that would affect the rising price of the coins. The global market is already flooding with cryptocurrency, and there are several changes to it every day. These changes are becoming trends due to the keen interest of investors and other business and public figures and the economic condition of a particular country. The way crypto is seen by Summers and others as the live mint has well-reported digital gold.

Predictions regarding crypto:

It has been predicted by Summers that cryptocurrency will soon be used and stored as an asset. Speaking of assets, gold has always been considered a primary asset for ages now. These people will quickly agree to use and store crypto as a digital asset. All these have been discussed at Bloomberg Television’s “Wall Street Week” with David Westin after Bitcoin took the market to many discussions regarding the cryptocurrency. The crypto would help digital store money safer than gold, which is the comparison made between the two. When the crypto costs a third of gold, its stability and importance will grow, marking it long in the market.

In the words of a crypto analyst:

According to crypto analysts, Bitcoin will have an almost equal price as the yellow metal within five years. But that does not change its increase in the market value. The market of Bitcoin is 700 billion U.S. dollars, and that of gold is 10 trillion dollars. The price of crypto increases every hour, thus leading to the prediction as mentioned above. The fact that crypto would never take over real money and economics is still the truth, though.

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