History shows Bitcoin offers a hedge against inflation and economic weakness

- Bitcoin is firmly established as the leading cryptocurrency as it holds nearly half of the value of the entire cryptocurrency market capitalization, and the token's growing status has firmly established it as a digital representation of gold in the eyes of many investors.

As an interesting aside, Thielen noted that Satoshi Nakamoto, the pseudonymous creator of Bitcoin, listed his birthday as being April 5, 1975, which some have said was an allusion to the ban on private gold ownership instituted by U.S. President Franklin D. Roosevelt on April 5, 1933. Compared to Bitcoin, which has a market capitalization of $540 billion – roughly 10.8% of the market capitalization of physical, financial gold – Thielen said, “This is why a potential approval by the SEC of a U.S.-listed Bitcoin ETF could usher in a monumental inflow of $20-30bn, potentially driving a significant surge in Bitcoin prices.”

Thielen said that Bitcoin offers a solution to this dilemma and enables the “swift and relatively inconspicuous movement of value across borders.” He also said that the ability to memorize a private key eliminates the risk of confiscation, which further strengthens the case for Bitcoin over gold. When Satoshi Nakamoto published the Bitcoin whitepaper, the U.S. public debt as a percentage of the gross domestic product was around 64%. It now sits near 117%, while China’s is estimated to be around 282%.

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