The explosive popularity of Bitcoin and other cryptocurrencies has been one of the main themes on global markets this year.
Just overnight, Bitcoin prices soared to a new record high above $US11,000, before an equally sharp selloff.
Despite the volatility, the value of Bitcoin has increased by more than 900% in 2017 amid a surge of global interest in the new investment space.
It’s got many people asking what impact Bitcoin will have on the global financial landscape in the years to come.
With that in mind, Business Insider has obtained a research report by Jordan Eliseo, chief economist at ABC Bullion, one of Australia’s leading investment platforms for gold and other precious metals.
Titled “Bitcoin, Dollar, Gold: What is the Future of Money?”, Eliseo’s report provides comprehensive analysis into Bitcoin’s place within the global monetary landscape.
As the market for Bitcoin and other cryptocurrencies grows — and blockchain technology continues to develop — views are split on the outlook for the new investment space. JP Morgan CEO Jamie Dimon hates it. But tech billionaire Peter Thiel says Bitcoin has merit as a store of value.
In view of that, Eliseo’s research includes a detailed comparison of Bitcoin to traditional fiat currencies and gold as both a store of value and means of exchange.
The report also provides insights into the history of Bitcoin, the value of blockchain technology, and how people should approach Bitcoin as an investment. It’s all set out below.
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