Hut 8 Mining CEO says Bitcoin is the hardest store of value ever (Cryptocurrency: BTC-USD)

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“Bitcoin is ultimately the toughest store of value we’ve ever seen Human history,” said Jaime Leverton, CEO of Hut 8 Mining, who is also a strong believer in web3, in a virtual session Tuesday hosted by the Economic Club of New York.

In other words, the number of bitcoins (BTC-USD) in circulation (limited to 21 million coins) is predetermined, with the last coin in circulation expected to be in 2140. “The fact that it has a predetermined number of units gives it a very hard store of value like we’ve never seen before,” Leverton said, adding that gold (XAUUSD:CUR) is probably its closest competitor as a store of value , although it’s uncertain how much mined and unmined gold is out there.

Additionally, Bitcoin (BTC-USD) stands alone compared to other cryptocurrencies because the proof-of-work-based blockchain “runs without any centralization,” Leverton said. Bitcoin was invented in 2009 by the mysterious and obscure Satoshi Nakamoto, although the creators of most crypto projects these days are well known and fairly involved, she added.

And for Bitcoin (BTC-USD) to reach its “maximum potential, it takes web3 to also reach its maximum potential,” Leverton pointed out. Web3 is an idea for a new internet based on decentralized blockchains. Bitcoin and web3 are “inseparable” so that “further acceptance on one side will naturally entail further acceptance on the other side”. Meanwhile, a number of companies have recently taken steps to expand into the Web3 ecosystem, such as Apollo Global (APO), Uniswap Labs (UNI-USD), and Bain Capital.

Considering the intraday crypto price action, Bitcoin (BTC-USD -0.4%) falls to $38.1K in midday trade, while Ethereum (ETH-USD +0.7%) inches up to $2,81,000.

In early May, Warren Buffett said, “If you offered me all the bitcoins in the world for $25, I wouldn’t take it.”

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