Twitter boss Jack Dorsey predicted that bitcoin would replace all the world's currencies in the next 10 years. However, the candidate for Central Bank of the United States, John Williams, does not agree with Jack Dorsey's prediction.
In his speech, John Williams explained that bitcoin can never replace paper money. As many people question the usefulness of bitcoin, William says that digital money is fluctuating, making it difficult to pay the right price for a particular item.
"Digital currencies do not pass the basic requirements of how a currency should be," William said as quoted by Livetradingnews.
However, more than one entrepreneur wants bitcoin to be the official means of payment. Meanwhile, Jack Dorsey explains that bitcoin will be used as the currency in the future.
"The world will eventually have only one currency, the internet will also have one currency. I personally believe that the currency is bitcoin, "he said.
Meanwhile, many critics and debates about whether this digital currency will be easy to set up and use as currency.
CoinInvest Director Daniel Marburger told the Standard that the spike in demand for gold continues. "This is a constant stream to gold," he said.
Marburger said that, although the sale price back to a level bitcoin USD11.700 on Monday morning after plunging to a level to USD10,000 last week, but investors are still nervous.
"Bitcoin could not make a clear trend back last week and gold will recover quickly now with a 7% rise since its December lows," he said.
According to him, speculators are looking for security from the "crazy volatility" over the crypto that happened, whose value has collapsed 40% last month.
"Gold has a track record of sustained for decades and is an asset that really you hold in your hands. People are looking for something to touch rather than an investment, in which only the belief in the value of it. Bitcoin has proved one more than speculations, "he explained.
Some experts argue that cryptocurrency will be stable in the long run. Benjamin Dives, CEO of London Block Exchange, which plans to launch a sterling to bitcoin exchange directly says that volatile is not a cause for concern.
"Some investors may not feel comfortable with the market moving (down) and so 'cash' to invest in a stable traditional asset, like gold," he said.
"These people are probably just exposed to crypto or like the standard in the investment industry, just ensuring a profit in the short run, resulting in a market-wide, and healthy crypto," said Dives.
He added that the exchange really proved the value of a strong crypto currrency. "As the market matures, we can be confident of future stability and that's when those investors will look for a point of re-entry.Unfortunately for them, their transition to gold can cause them to lose gold," he concluded.
