Bitcoin analyst Willy Woo said in a response to investor Gary Cardone that gold’s current market value is about $32 trillion, but that figure would be closer to $103 trillion if gold were still carrying the role of a global monetary anchor. Woo argued that viewing gold mainly as a financial asset reflects a long-standing misconception shaped by the U.S. government and Wall Street, while gold itself functioned as money for thousands of years. Using that framework, he said Bitcoin is competing to become a global hard-money asset similar to gold, which would imply a price of about $5 million per coin. Woo also contrasted the age of hard-money history with the modern fiat system, saying the global fiat regime has only been operating for roughly 55 years and looks more like an experiment when set against thousands of years of monetary history.
According to ChainCatcher, Bitcoin analyst Willy Woo said in response to criticism from investor Gary Cardone that gold’s current market capitalization stands at about $32 trillion. He added that if gold were still serving as the world’s monetary anchor, its fair value would be around $103 trillion.
Woo said the conventional view of gold as a “financial asset” is a “misconception” shaped by the U.S. government and Wall Street. In his view, gold’s underlying role was that of money for thousands of years.
From that premise, Woo said Bitcoin is now trying to become a global hard-money asset similar to gold. Under that logic, he put Bitcoin’s implied price at about $5 million per coin.
He also said the global fiat currency system has been in operation for only about 55 years. Set against thousands of years of hard-money history, Woo described it as more of an “experiment.”
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