Bitcoin Is Simply Digital Gold 2.0
The CEO of Austrian crypto exchange Bitpanda believes that “Bitcoin is Gold 2.0 for the digital generation.”
For years, regulation was seen as the enemy of crypto innovation — a narrative where governments and regulators acted as villains setting up roadblocks for blockchain startups and digital assets. That sentiment, however, has evolved significantly. According to Bitpanda CEO Eric Demuth, regulation today can actually benefit the industry:
“It all depends on what the regulation looks like. The crypto sector has grown into a significant industry, and good regulation can now offer protection and legitimacy.”
Demuth shared these thoughts during his keynote at the Blockchain Economy 2020 conference in Istanbul, followed by an exclusive interview with Cointelegraph Turkey on February 20.
In a notable announcement, Demuth revealed that Turkey will be Bitpanda’s first market outside the EU. The decision was influenced by Turkey’s strong cultural and geographic ties to Austria — only two hours away by plane — but more importantly by the country’s massive appetite for crypto.
Bitcoin: The New Digital Gold
As the CEO of a platform that offers both cryptocurrencies and precious metals like gold, silver, and platinum, Demuth’s views on Bitcoin carry real weight. He argues that Bitcoin represents a better version of gold, tailored for today’s tech-savvy generation:
“As demand for digital assets grows, people are looking for crypto that serves the same purpose as gold — a store of value. That’s why I see Bitcoin as Gold 2.0.”
Bitcoin offers built-in scarcity, high liquidity, and ease of transfer. Unlike gold, it can be stored in your pocket, sent across the globe in seconds, and moved with little to no fees.
“Crypto is no longer a fad. It’s an asset class that’s here to stay — especially Bitcoin. It’s the gold standard of digital assets. There will never again be a world without digital currencies.”
The EU Took the Right Approach
When asked about whether current regulations are holding the industry back, Demuth gave a thoughtful reply. His opinion has shifted over the years:
“We now have EU anti-money laundering laws that are similar to those applied to traditional banks. Four years ago, these would’ve crushed crypto startups — they just couldn’t comply.”
According to Demuth, the European Union acted wisely by not regulating the crypto sector too early. Instead of killing innovation, the EU waited:
“They observed. They gave startups space to grow. Once the industry matured, they started developing proper rules. That was the smart move.”
Crypto Can’t Be the Wild West
Being a keynote speaker at a major blockchain conference, Demuth was also asked about the idea of a fully decentralized financial system. His answer was sober and realistic:
“Decentralization is a nice ideal, but we’re unlikely to see it in a pure form.”
Governments and regulators, he explains, will always demand accountability. They need someone to hold responsible. A fully unregulated crypto world would be a breeding ground for fraud:
“There will always be a need for oversight. Authorities don’t want to give up control, and a truly decentralized system doesn’t align with that.”
So why is there growing interest in decentralized exchanges (DEXs)? Demuth says it’s still early days:
“DEXs are in a very early phase. They don’t handle large volumes yet, so regulators aren’t too concerned — for now.”
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Source: Cointelegraph
