Amidst the price crisis that Bitcoin is currently facing, Lawrence Summers, the former US Treasury Secretary, gave some hope to the market, declaring that Bitcoin could become a permanent fixture on the global market as “a kind of digital gold.”
He mentioned how crypto gives investors an alternative asset that lets them keep it separated from “the day-to-day working of governments.”
When asked if the dip in the price should matter, Summers replied:
“Does it matter to the overall economy […] the standard of living of Americans […] no, to all of those questions.” He also mentioned that crypto may “become[ing] an agreed form” in which people “who are looking for safety” have the opportunity of storing their wealth.
The sentiment of crypto acting as a form of gold was recently also echoed by the CEO of Morgan Creek, Mask Yusko who predicted that Bitcoin could reach a value of $250,000 in four or five years, comparing it to “digital gold.”
Meanwhile, Anthony Scaramucci, the founder of SkyBridge Capital, commented that DOGE may act as the silver to BTC’s gold.