- Steve Forbes says gold is a better long term investment than Bitcoin
- He went on to add that Bitcoin could someday become the new gold.
Steve Forbes, son of Forbes Magazine publisher, in one of his recent YouTube video declared that Bitcoin is too volatile to be invested in for the long term.
According to Forbes, what keeps driving investors towards BTC is the fear that they have about fiat currencies. He noted that central banks and the Federal reserves have a propensity to print too much money. This, he believes, could drive devaluation in the long term.
The two-time presidential candidate added that Bitcoin’s value could not be compared on the long-term with investments like gold, for example. He said that gold had proven its value as a long term store of value, unlike BTC, which value is subject to constant change.
In his words, BTC ever changing price and its finite supply would hinder the usefulness of the crypto asset in the long term.
This, he believes, is not the same with gold. “When the price of gold fluctuates, it is the value of the dollar itself changing”, suggesting that this is not possible with BTC.
Steve Forbes says that Bitcoin could become the new gold
After telling his listeners about why he feels gold is a better long term investment than Bitcoin, Forbes added that all does not appear bleak for BTC as it could, someday, evolve to become the new gold.
The Editor-in-Chief of Forbes Magazine concluded that BTC is showing enough promise to become a viable long-term investment, too, but he thinks it is still too early to judge.
He says that gold is “rare but not too rare.” Citing that the supply chin of gold increases by only about 2% on a year by year basis which is largely due to the mining output of the rare metal.
He, however , failed to mention that BTC and gold both have a finite supply.