Hey ninja’s, how’s the trading going? On the day, Top cryptocurrency Bitcoin is reporting moderate daily gains and is trading at $8,858 at press time.
On the 2nd of May, Leading crypto exchange coin base published a reporting arguing that Bitcoin is superior to gold. The report argues that Bitcoin has a distinct advantage to gold due to its lack of dependence on a physical supply chain. The report suggests that the COVID-19 pandemic revealed the advantages bitcoin offers over gold, emphasizing the recent gaps reported on gold market prices worldwide.
With its supply chain suffering major disruptions the markets are reporting new levels of scarcity. The paper notes the 4.5% divergence in New York and London gold prices due to a lack of gold bars to settle Comex’s futures contracts.
The report also notes that the Perth Mint in Western Australia recently increased its amount of gold kilobars being produced to meet the supply shortages. Coinbase suggests that because bitcoin does not require a physical supply chain it is “truly globally accessible”, noting that the pandemic significantly disrupted the refiners, miners, and supply chain of gold while bitcoin continues to function as designed.