Cryptocurrency

Argo CEO Peter Wall claims Bitcoin is gold 2.0, will become hedge against inflation

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Peter Wall, CEO of Argo, a leading cryptocurrency mining company, told CNBC: interview On May 30, Bitcoin (BTC) is “Gold 2.0”, and even if it doesn’t seem to be the case at the moment, it will eventually be a hedge against inflation.

According to Wall, BTC’s limited cap of 21 million coins and its decentralized and unauthorized nature will help the flagship cryptocurrency grow into digital gold.

He is confident that BTC will be Gold 2.0, but Wall said the macro outlook for risky assets is still poor. However, he believes zooming out will help industry players overcome the current bearish sentiment of the market.

He gave the example of Argo and said the company has been around since 2018. He said Argo has a muscular memory to keep things going even if things get tricky, as the crypto market has experienced tremendous gains and losses so far.

Cryptography is maturing rapidly

Wall explains why it’s important to look at the long-term growth of digital assets, and cryptocurrencies (especially BTC) are one of the best performing asset classes in the last five to ten years. Said.

He added that crypto space is more complex than it was three or four years ago. Wall emphasized the growing number of crypto traders and products, saying that space is maturing rapidly.

Wall said it’s difficult to pinpoint the exact stage of maturity of the industry. He added that he considers cryptocurrencies as teenagers and believes that he will grow into a young adult and will continue to experience volatile price fluctuations until the market is fully mature.

Meanwhile, Fidelity’s Global Macro Director Julian Timmer said earlier that the Bitcoin Gold ratio shows that BTC is well-supported and attractively priced.

The crypto market is currently recovering under heavy sales pressure over the weekend.

Bitcoin (BTC) was trading at $ 30,668.19 after rising 5.81% a day at the time of the press.

The altcoin market is also showing signs of recovery, with Ethereum (ETH) rising 7.08% in the last 24 hours and opening at $ 1,904.35.

Posted by: Bitcoin, Interview

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