Laboure stated that Ethereum would be considered ‘Digital Silver’ if Bitcoin was ‘Digital Gold’. According to Deutsche Bank’s analyst, it is unlikely that any other digital currency will beat Bitcoin or Ethereum. Laboure also highlighted some of the drawbacks of BTC, ETH.
Laboure pointed out that Bitcoin, Ethereum, and other cryptocurrency assets have many drawbacks. Laboure believes that cash will be less of a payment method in the future.
“People have always wanted assets that weren’t controlled by governments. This role has been held by gold for centuries. Yes, Bitcoin could be the 21st century’s digital gold. We must not forget that gold has been volatile in the past. It is important to remember that Bitcoin is volatile and cannot be trusted as a store of value. Laboure stated that he expects it to be ultra-volatile for the foreseeable future.”
Bitcoin vs Fiat
Laboure commented on the comparison of BTC and fiat currencies. He said that Bitcoin’s small supply makes it an exceptional protection tool against inflation. The supply of bitcoins is stable. Just under 21 million Bitcoins will ever be created. Around 89 percent of Bitcoin’s total supply is in circulation. She said that central banks in many fiat currencies control the supply and have been increasing its volume significantly over recent years.”
El Salvador was the first country in the world to recognize BTC as legal tender earlier this month.