Winklevoss Argues ‘Bitcoin Vs Gold’ Debate

One-half of the Winklevoss twins, Cameron Winklevoss has come out to say that Bitcoin’s possibilities go beyond just ‘digital gold’.

In a tweet posted earlier today, Cameron argued:

“Because Bitcoin is open source software, its possibilities are boundless. I often talk about gold as a target market cap, but that's really just the beginning...it's digital gold, source of truth, etc…”

Cameron’s argument mainly focuses on going beyond the typical analogy of comparing the leading cryptocurrency with that of solid gold. The proponents of gold have been compared to the finite supply of bitcoin given the scarcity of the gold bars. 

Whereas you can accept this viewpoint on bitcoin, the argument from Winklevoss lies on the huge potential that cryptocurrency’s open-source software holds, which establishes itself as a decentralised digital public record of transactions that is immutable, secure and anonymous, a shared, single source of truth. 

For those that don’t know, in information platforms, a Source of Truth (SOT) is a term that’s used to denote a trusted data source (hence the name) and gives it a complete idea of the data object as a whole. 

The sturdy and robust model for ensuring data storage between a massive network of participants is the foundation for the asset’s unique promise, according to Cameron.

Observers on crypto have put scarcity and integrity together from these two perspectives, specifically in response to the fraudulent actions that have occurred throughout the past few years in the industry.

As one crypto twitter user, @wiz has argued in the past:

“Would you accept gold as payment from someone you didn’t trust, without verifying the weight and purity of the gold before shipping your products to them? Think of a Bitcoin full node as a ‘fake Bitcoin detector’ — all you need to verify ‘purity’ of your Bitcoin is a Raspberry Pi.”

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