People Trust Cryptocurrencies over Gold, Says Wall Street 'Dean of Valuation'


According to reports from coindesk the Dean of valuation of the financial giant 'Wall Street' has said people trusts cryptocurrencies more than gold and other commodities now.

Well aside that a basic statistics we carried out  shows a majority is currently into and prefers cryptocurrency Investments than gold and other commodities. Out of  Seven (7) Investors We Inquired from over Five (5) of them preferred cryptos to fiat currencies, Gold or other commodities, Four (4) of them thinks cryptocurrencies guarantees faster profits, we also noticed younger Investors prefers cryptocurrencies.

Well it's also important to note that the Gold market cap is about 25times higher than the cryptocurrency market cap. Gold stands at about $2.8 trillion leaving cryptocurrencies at about $140 Billion.

Cryptocurrencies are quickly becoming a preferred alternative to gold for people who don't trust traditional fiat currencies, according to Aswath Damodaran, a professor of finance at the NYU's Stern School of Business.

A specialist in corporate finance and equity valuation, Damodaran is often cited by media as the "Dean of Valuation" on Wall Street.

It's against this backdrop that the finance expert recently remarked that cryptocurrencies could eventually replace gold or emerge as an alternative to legal currencies issued by central authorities.
 "If you don't trust paper currency, historically what you've done is you dumped paper currencies [and] you bought gold," he said in the interview. 

Damodaran told CNBC:
 "Cryptocurrencies have taken the role of gold at least for younger investors, because they don't trust paper currencies." 

As reported by CoinDesk, the price of bitcoin surpassed the value of an ounce of gold for the first time in March, and has steadily traded above this mark for much of the time since.