PlanB: Bitcoin doesn’t have the disadvantages of gold

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Popular cryptocurrency analyst PlanB, noted for resonant predictions of the Bitcoin price, said that gold is less reliable as a store of value than the first cryptocurrency.

An investor analyst who goes by the name PlanB recently predicted a rise in the price of bitcoin to $500,000 in 2022. The other day, in an interview with the CEO of the investment company Parallax Digital, Robert Breedlove (Robert Breedlove), the analyst said that the properties of gold make it difficult to physically accumulate this precious metal. And bitcoin, with its hypermobility, has no such drawbacks.

PlanB clarified: it is about the storage and insurance of gold bars. The cost of these services can be about 1% of the amount of savings annually. To these costs should be added logistics costs:

“But bitcoin doesn’t have these disadvantages of the precious metal. Delivery is easy, fast, cheap, and holding it is more profitable than holding gold.”

Gold securities, according to PlanB, are subject to a threat from the state. According to the analyst, the US authorities can do the same with certificates for precious metals at any time, which Richard Nixon had already done in 1971. At the initiative of the President, the United States then abandoned the peg of the dollar to gold, which actually led to a halt in the international system of monetary relations and trade calculations. The possibility of such actions on the part of the authorities, according to the analyst, makes it possible to manipulate securities.

An analyst-investor shared his cryptocurrency storage strategy. PlanB uses exchanges only for transactions with bitcoin, and keeps assets in a cold crypto wallet. There is a risk that the authorities may prohibit the withdrawal of cryptocurrency to personal wallets.

However, PlanB added, thanks to the “hyperportability” of bitcoin, it is much more difficult to manipulate cryptocurrency than gold.

The analyst periodically publishes news about bitcoin, which may contribute to the growth in the value of the cryptocurrency, probably to support his forecasts. In October, he stated that Bitcoin will reach $100,000 by the end of 2021. In April 2021, the analyst said that there are much fewer bitcoins available for purchase than is commonly thought, and will become even less after halving.

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