Many times Bitcoin has been officially given the title of digital gold by so many investors, analysts and Senate members but saying something again and again won’t make it come true. US senator has asserted too many times that Bitcoin is a digital gold that is not only competitive but has real value and is here to stay. She was recently interviewed by CNBC, and that is where she shared her two cents.
When asked about the assertiveness of Bitcoin and why it holds an upper hand on every other cryptocurrency that came after it she replied that Bitcoin is a standard for the whole crypto sector. It is not like the other digital currencies which came after it in any way, Bitcoin is the flagship cryptocurrency on which the domains of decentralization were built, and it was Bitcoin that introduced a digital ledger going by the name of blockchain. In every way, according to Cynthia, Bitcoin takes the lead, and that is why it is referred to as digital gold and no other cryptocurrency such as XRP or Ether, for that instance.
Bitcoin is purely Based on Decentralized Technology
Bitcoin, according to Cynthia, is fully decentralized, which almost makes someone question; are other cryptocurrencies not fully decentralized? She said that Bitcoin is the only cryptocurrency that was structured, developed, and launched by anonymous sources. Every other cryptocurrency or digital asset that you come around in the crypto market can be linked to a dedicated person or entity in the long run.
This doesn’t make them fully decentralized as they have ties with an official person or an organization; this way, the whole meaning of decentralization is lost, and Bitcoin is the only cryptocurrency that is pure in this sense. She also said that other cryptocurrencies, when they were launched, the individual or entities that issued these took a large portion of dedicated tokens for themselves. In this sense, these so-called digital assets seem more like security than a commodity. Bitcoin, on the other hand, is a pure digital commodity, and that is why Cynthia emphasizes the fact that it is equivalent to having digital gold.