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The longstanding rivalry between Bitcoin and Gold remains a key topic of conversation among crypto and Gold proponents, as both assets stand as the most relevant in their respective markets.
On different occasions, both Bitcoin and Gold have outperformed each other; however, the apex Cryptocurrency is yet to overtake Gold in terms of adoption and overall global dominance.
As market players debate possibilities, Paolo Ardoino, the CEO of Tether, has shared his two cents on why Bitcoin is yet to unseat Gold.
In a recent interview, the Tether boss said he has a bias toward Bitcoin as an asset and explained that the big bull is still very early and not yet at the stage of adoption that would position it to become the new world reserve currency.
He speaks to the fact that key finance players have not been familiarized with Bitcoin as they have with Gold, which has been around much longer, hence its sky-high global dominance and adoption.
 
In his words:
“The majority of the decision makers in this world are above 60 years old, and there’s nothing wrong with it but…not everyone understands Bitcoin and is not 5,000 years old, so Bitcoin does not have the penetration that gold does.”
He added that Gold remains the premier asset designed to protect market players against potential financial catastrophe, hence the increase in gold purchases from central banks across the world.
“Unfortunately, Bitcoin is more understood by the younger generation, and I believe that they will need a generational change for Bitcoin to be more broadly accepted as a currency that can be useful during a financial reset.” He asserted.
Speaking to the absence of a Bitcoin-backed stablecoin, the Tether founder admitted the asset is too volatile at this point, although he remains optimistic that Bitcoin is well on its way to $100,000.