'It's just zeros and ones at the end of the day' - David Garofalo on why gold is better than bitcoin
Bitcoin is digital and that's its fundamental weakness, said Royalty Gold CEO David Garofalo in a conversation with Kitco on Tuesday.
Garofalo said gold is physical, which makes it more secure while cryptocurrencies will inevitably succumb to market forces.
"It's inevitable that we'll see new entrants on the cryptocurrency side, and that really undermines the whole scarcity concept that Bitcoin is trying to espouse. It's just zeros and ones at the end of the day," said Garofalo. (show less)
Bitcoin is digital and that's its fundamental weakness, said Royalty Gold CEO David Garofalo in a conversation with Kitco on Tuesday.
Garofalo said gold is physical, which makes it more secure while cryptocurrencies will inevitably succumb to market forces.
"It's inevitable that we'll see new entrants on the cryptocurrency side, and that really undermines the whole scarcity concept that Bitcoin is trying to espouse. It's just zeros and ones at the end of the ... (read more)
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