The Bank of Singapore has stated that cryptocurrencies have the capability to replace gold as a store of value. However, privately released digital currencies are very unlikely substitute government-issued fiat currencies as a medium of trade.
Before it can take place, cryptocurrencies must overcome key obstacles that include confidence, high instability, regulatory approval and reputational risks.
The Bank of Singapore (BOS), is a private banking division of OCBC Bank, formerly known as ING Asia Private Bank. They believe that investors need reliable institutions to be able to keep digital currencies securely. Also, liquidity must improve substantially to decrease instability to controllable levels. They have underlined that cryptocurrencies offer the benefit that they are simple to transfer and store contrasted to gold.
Bitcoin and other cryptocurrencies are also easy to store in digital wallets while valuable metals must often be deposited in safe physical locations. They cannot be effortlessly utilized for everyday deals.
So, if you think about gold, now you can think about cryptocurrencies!