The value of a single bitcoin, the most popular cryptocurrency, exceeded the price of an ounce of gold. Gold is one of the rarest metals. Bitcoin is rare compared to other cryptocurrencies, and gold is rare compared to other metals. Both are rare in their respective categories.
It's easier to buy Bitcoin than to invest in gold. You can store Bitcoin online or on a hard drive at minimal cost. In recent years, several alternative cryptocurrencies have been released that aim to provide more stability than Bitcoin. Cryptocurrencies have become widespread amid support from companies and institutional players, with investors increasingly seeing digital currencies as a reliable store of value and a way to diversify portfolios.
Crypto bulls have long championed bitcoin as a modern replacement for gold and, by one measure, the new market is already close to outperforming bullion in that regard. Blockchain can't be hacked and the crypto asset has created more wealth than gold in the past 15 years. Thanks to their speed and low costs, cryptocurrencies can be used for remittances, financial transactions that generally incur high fees. However, there is an emerging financial technology whose concept is to use cryptocurrency for financial transactions called decentralized finance.