Supporting the adoption of cryptocurrency, Sean Culkin earlier announced that he would be converting his salary for the year to Bitcoin. And now, he has emerged as a sort of expert on cryptocurrency as other players are banking on his opinion and advice related to digital coins. Revealing all this in an interview with FOX Business, Sean Culkin said that nowadays, players understand that fiat currencies depreciate at a steady pace, and investment in cryptocurrencies can provide them protection against this depreciation menace.
Comparing Bitcoin to gold, Sean Culkin sounds very confident about the value and flexibility of Bitcoin and other cryptocurrencies. He doesn’t find anything risky about Bitcoin and appreciates the idea that digital coins have made individuals real owners of their money in addition to providing them protection against any inflationary pressures.
Explaining the value attached to gold to its scarcity, Sean Culkin opined that the limited quantity of the gold is one of the reasons behind its prominence. As the supply of gold shrinks in the world market, miners get incentivized to enhance its production, further increasing the profitability associated with the asset.
He also said that all financial assets would be more digital in nature in the future rather than taking any physical form. From that perspective, investment in Bitcoin and other cryptocurrencies makes a lot of sense. Bitcoin’s strong and transparent algorithm is also one of its strengths, and thanks to the digital properties, Bitcoin can be easily scaled compared to other assets, including gold.
In sum, Bitcoin can be considered digital gold, and by investing in this digital asset, people can derive enormous benefits while hedging themselves against any inflationary and depreciation impact. No wonder Bitcoin is finding favor among investors and people from different walks of life even as it battles turbulent markets and uncertain economic environments.
