Apart from the positive emotions that have been expressed so far in the last week, the digital currency ecosystem has lost somelusters over the year-to date period, with prices plummeting more than half the time.
Despite the grim performance of Bitcoin (BTC) and the broader crypto ecosystem, Coinbase CEO, Brian Armstrong has come to express he believes that investors could come to see the premier cryptocurrency as a major flight to safety asset within the next 5 to 10 years.
Speaking In an episode of Coinbase Exchange Around The Block Podcast the CEO pointed out that Bitcoin’s current market capitalization is not helping it fulfill its role as Digital Gold.
As inflation is becoming more common, assets like Bitcoin could be attractive to investors who want to protect their capital. Although Bitcoin performed well in this role in the last fiscal year, its performance this time around is disappointing.
Brian Armstrong believes that this could change dramatically if the global financial system now begins to take into account the emerging asset class, as evidenced by the market capitalization.
“I think we’ll see that probably change over time. I could see in the next five or ten years as the crypto economy really becomes a bigger percentage of the global GDP that people will actually flee to Bitcoin as the sort of ‘new gold’ if you will, but that hasn’t happened yet,” the billionaire said.
Based on the perspective held by different investors, Bitcoin may be considered the best digital currency by bulls such as Michael Saylor, whose company MicroStrategy Incorporated considers it to be. Stacked The cryptocurrency has been purchased in excess of 120,000 units
Asset managers are beginning to invest in Bitcoin because of the extreme volatility and the fear it may cause.