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Peter Wall says Bitcoin will become a Fence Against Inflation

Peter Wall says Bitcoin will become a Fence Against Inflation

The leading cryptocurrency on the market, bitcoin is now well rated by investors who no longer hesitate to buy it to store value. This practice has also led some players in the cryptosphere to compare the asset to gold. The CEO of Argo cryptocurrency mining company Peter Wall recently made this point during an interview with CNBC. He took the opportunity to confirm that bitcoin will eventually become a hedge against inflation.

Gold 2.0

Mr Wall drew on the characteristics of bitcoin to explain how the asset could establish itself as an alternative as an inflation hedge. In particular, he argued that the cryptocurrency’s limited supply cap of 21 million BTC, and its decentralized nature it will help make digital gold. He therefore hopes that the scarcity of bitcoin and its price performance, which is only setting higher records, will eventually convince investors of more exposure to it.

While confident that BTC will turn into 2.0 gold, Wall said the macro outlook for risky assets is still not great. However, he believes that zooming out will help industry players dispel the current bearish market outlook, citing the example of Argo, a mining company that has been around since 2018. And the bitcoin market has experienced significant gains and losses see so far, he has noticed that. Argo has a lot of history to pursue even when it is difficult.

Maturing market

Argo’s CEO then explained that it is important for any investor in this market to look at the long-term growth of cryptocurrencies. While one of the best asset classes in the last decade, the crypto space has become increasingly complex with pins down, according to Wall. He pointed out that the increase in the number of traders and crypto products has helped to accelerate the maturation of this space, without defining, however, what the current stage is. Mr Wall told the market it will continue to experience large price swings until it reaches full maturity.

The use of bitcoin as an inflation hedge on the cost of gold would therefore be inevitable as the cryptocurrency market matures. Famous fund manager Ray Dalio recently cited such a case, claiming that the asset is the digital version of gold and therefore deserves to be in any investment portfolio.

Source: CryptoSlate

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Luc Jose Adjinacou

Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and put forward my pen information related to this ecosystem.

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