What’s really the value of Bitcoin Gold, a cryptocurrency that has not even been officially launched or distributed to users? That’s the question on everybody’s lips these days, after the slightly controversial hard fork of the bitcoin software. Experts are trying to determine its real price, but opinions are divided, relates CoinDesk.
To make things even more complicated, some exchanges are now putting on the market a token that represents a claim on the future delivery of bitcoin gold. Traders are still seeking to value the asset, but are doing everything in their power to advertise the possibilities.
People aren’t trusting Gold. Yet…
However, many analysts gave Bitcoin Gold a somehow doubtful review, both when speaking about its developer team, and when characterizing the protocol’s potential market opportunity. “I think that forks and airdrops as a trend to launch new tokens [will continue], aiming to get an instant user base. Best case scenario, bitcoin gold is a potential contender for litecoin,” said Safiri Felix, a researcher at financial publisher Empiricus.
Felix therefore things that Bitcoin Gold has potential, but only a limited one and will likely never have an amazing trajectory.
No chances of reaching its ‘bigger brothers” level
And his opinion is shared by many industry observers, who believe that Bitcoin Gold will never be able to compete with Bitcoin or Bitcoin Cash. This skepticism has made BTG drop 96.64 percent on Tuesday, from a high of $2,900 on Bitfinex to $97. Prices stabilized around $137 on Wednesday, but the harm was already done.
At this rate, once released, Bitcoin Gold will worth 43 percent of BCH and 2 percent of BTC, making it a much smaller industry player than everybody (at least those who pushed the fork) expected. But things can get worse, trust us. For now, only Bitfinex, HitBTC, Yobit, Bleutrade, Bitstar and Coinnest support BTG/BTC and BTG/USD trading pairs.