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Why Bitcoin Won’t Easily Replace Gold
Still in the Early Innings of Cryptocurrencies
I spoke on the topic of the blockchain last week at the Subscriber Investment Summit in Vancouver. My presentation focused on the future of mining—not just of gold and precious metals but also cryptocurrencies.
Believe it or not, there are upwards of 2,100 digital currencies being traded in the world right now, with a combined market cap of nearly $150 billion, according to Coinranking.com.
Obviously not all of these cryptos will survive. We’re still in the early innings. Last month I compared this exciting new digital world to the earliest days of the dotcom era, and just as there were winners and losers then, so too will there be winners and losers today. Although Bitcoin and Ethereum appear to be the frontrunners right now, recall that only 20 years ago AOL and Yahoo! (NASDAQ:AABA) were poised to dominate the internet. How times have changed!
It will be interesting to see which coins emerge as the “Amazon (NASDAQ:AMZN)” and “Google (NASDAQ:GOOGL)” of cryptocurrencies.
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