Morgan Creek Digital co-founder Jason Williams has revealed he believes investors are going to keep moving into bitcoin and away from gold, with some even shorting the precious metal as they long BTC.
In an interview with Layah Heilpern, Williams noted he expects investors to drop the precious metal because of its physical limitations while adopting bitcoin. Bitcoin, it’s worth noting, is often referred to as digital gold, as it’s seen as a store of value backed by cryptography.
During the interview, Williams argued that gold’s relevance will keep dropping since “it’s not working anymore” as a store of value, as young people do not want to go through the hurdles associated with securing and storing physical gold themselves.
Young investors, Williams argued, are not willing to buy a safe to store precious metals inside of their houses, and hide these safes somewhere safe. He said they do not want their lives “to be that tied down.”
To him, as Daily Hodl first reported, bitcoin is a better store of value than gold is an asset that has been steadily appreciating over time, and is as such “sound money.” Williams added it’s “like apex predator asset that can grow and has grown 200% historically year-over-year.
Notably, Anthony “Pomp” Pompliano, who also helped co-found Morgan Creek Digital, earlier this month called bitcoin “the apex predator of financial markets.” Pomp went on to call traditional stocks a manipulated market compared to cryptoassets. He argued the Federal Reserve was purposely stimulating traditional financial markets with taxpayer-funded stimulus packages in order to keep the bull-run going.
The co-founder of Morgan Creek Digital added a bullish price prediction:
$100,000 in October… $100,000, this is super conservative. I mean, I’m going to be way off and low. I’m saying $100,000 by October 31st but I don’t really believe that at all… I think that we get far beyond $100,000 by October 31st.
Other analysts have notably been much more bullish. Former Goldman Sachs executive Raoul Pal has revealed he believes the price of bitcoin could hit $1 million this bull cycle if the cryptocurrency goes parabolic as it has in previous bull cycles.
Kraken CEO Jesse Powell recently said that he believes the price of bitcoin could hit $1 million over the next 10 years, and in the long-term could “go to infinity.”
Featured image via Unsplash.