Roger Ver Slams Bitcoin (BTC) Maximalists, It Backfires

News
Wed, 02/20/2019 - 17:40
Alex Dovbnya
Crypto Twitter gives Roger Ver a history lesson after ‘Bitcoin Jesus’ claimed that gold, not Bitcoin, has real intrinsic value
Roger Ver Slams Bitcoin (BTC) Maximalists, It Backfires
Cover image via U.Today
Contents

Roger Ver recently took to Twitter to explain how gold is a better store of value than Bitcoin (BTC). However, Ver’s comment clearly didn't resonate with his followers, who were quick to point out some factual mistakes.

Yes, gold is valuable because it’s shiny

According to Ver, Bitcoin maximalists ‘don’t even know’ that gold has plenty of use cases in different industries, which makes it a good hedge asset. However, Twitter users pointed out that gold was perceived as a store of value long before the Industrial Revolution even started.

Even today, when gold is used in numerous spheres (from electronics to dentistry), industrial uses account only for 12 percent of its annual consumption. That essentially means that gold is still valuable because we think it’s valuable. To highlight, even Paul Krugman, a vocal Bitcoin naysayer, earlier said that Bitcoin has ‘more potential’ than gold.

Still not a better store of value?

As reported by U.Today earlier, gold has indeed fared way better than the digital gold. According to JPMorgan’s John Normand, Bitcoin cannot replace traditional assets as a store of value since it’s way too volatile.

Still not a better store of value?

However, as the cryptocurrency market is gradually maturing, there is good reason to believe that Bitcoin could eventually become a viable hedge asset.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.