CryptoQuant CEO Ki Young Ju believes that Bitcoin is more similar to digital gold than peer-to-peer electronic cash, based on recent network data. The low transaction activity and empty mempool indicate that Bitcoin is being purchased as an investment rather than for regular payments. Supporters of the digital gold narrative argue that Bitcoin's low transaction frequency and scarcity make it a globally recognized store of value, similar to gold. They also highlight Bitcoin's 24/7 liquidity and lack of intermediaries as advantages over traditional assets. However, some argue that this was not the original intention behind Bitcoin's creation, as it was initially described as a peer-to-peer electronic cash system. Despite this debate, Bitcoin's current price action suggests that investors see it more like a tech stock than a store of value like gold.



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