Morning Brew, a free daily newsletter for young business professionals, has added bitcoin to its market index while removing gold.
The Brew explained that the reason for the new change is the noticeable growth in the value of the leading cryptocurrency.
Announcing the update, Morning Brew noted bitcoin’s “price is noteworthy,” while adding that it “has grown tremendously as an asset over the last decade” as a flagship cryptocurrency.
Bitcoin has earned “wider acceptance among Fortune 500 companies, institutional financial firms, and individual investors alike. We think our Markets section will be more relevant to readers with bitcoin in it,” the Brew wrote.
The platform recognizes that the new change will invoke both positive and negative feelings from readers, as Bitcoin has a fair share of proponents and critics. As such, Morning Brew clarified that the reason for the new change is not an advertisement for the crypto asset, but to keep up with the moving trend since the financial world is changing.
As Bitcoin continues to remain a trending financial asset given the noteworthy increase in its price and number of investors, the Brew decided to enlighten its readers on this asset class.
While some investors like Peter Schiff have chosen gold over bitcoin, other notable individuals like Antoni Trenchev, the co-founder and managing director of Nexo, believe that bitcoin has more to offer than bullion.
In a recent development, Trenchev mentioned that while bitcoin and gold are similar in terms of scarcity, having a fixed finite amount, bitcoin is a better version of gold since it has proven to be “the best performing asset on any significant timeline.”
He also mentioned that the practice of central banks printing fiat currencies at will has led to inflation, something that can never happen with bitcoin. Due to this problem created, individuals are searching for an alternative, and bitcoin turns out to be the much-needed alternative for most people since it serves as a hedge to inflation.