Bitcoin [BTC], the largest cryptocurrency in the market, has gone from being an electronic cash system to becoming a store of value over the past ten years. The coin has several times been termed as digital gold, with even Grayscale Investments prompting investors to drop gold and be a part of the digital currency revolution by investing in the coin.
This evolution of the coin was one of the topics of discussion during the latest episode of Magical Crypto Friends, a segment that includes well-known influencers, Charlie Lee, WhalePanda, Samson Mow, and Riccardo Spagni.
A Twitter user, Litecoin-Reekris asked how they felt about “Bitcoin’s primary utility becoming a store of value as opposed to a currency”. To this, the CSO of Blockstream, Samson Mow, stated that “Bitcoin can be everything at once.” Mow further stated that the largest cryptocurrency was different in comparison to Gold as a store of value.
“Gold is store value won’t really change. You can have paper certificates or instruments on top of it but it’s still a store of value in the end and everything else is just kind of attached to it.”
This was followed by him explaining that this was different in Bitcoin’s case, stating that the cryptocurrency could be used as a currency, could be used as a medium of exchange in Liquid and could be transferred around “really quickly”
“So, I think Bitcoin can be everything. It’s just what is it best for at the base layer, right now it’s a store of value and wealth transfer. So, you can move hundreds of million dollars for very cheap relatively; right like, 200 million for five dollars or for a dollar. that’s possible with Bitcoin. so it’s still gonna be functioning like that at the base”