Will Bitcoin Replace as Store of Value?

Per SCMP, a team of scientists at the Dalian Institute of Chemical Physics at the Chinese Academy of Sciences in Liaoning have developed a method to turn cheap, plentiful copper into a substance that is “almost identical” to gold, accomplishing what alchemists have for hundreds of years believed could be a gateway to endless riches.

Moreover, even the production of this pseudo-gold for its intended purpose — industrial applications — could have a significant impact on the value of the true yellow metal. While the vast majority of gold demand is speculative, the material also plays an important role in the production of electronic devices, a fact that crypto skeptics often cite when objecting to the thesis that bitcoin is “digital gold.”

At the very least, the material’s replacement in industrial manufacturing should place equivalent downward pressure on the gold price, though it’s likely that psychological factors would further weaken investor confidence and steepen the asset’s decline.

Reference: https://www.ccn.com/scientists-turn-copper-into-gold-will-bitcoin-replace-as-store-of-value/

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