1/29/2024 0 Comments Crypto bar gold![]() "Gold has long been considered to be the safe-haven asset of choice, and, while bitcoin is 'the new kid on the block,' it's debatable that it will eat into gold's market share for a number of reasons.But that characteristic also ensures that cryptocurrencies will never replace gold and silver and will ultimately improve the metal's value." - Phil Baker, President and CEO, Hecla Mining Company There is room for cryptocurrencies too since their digital nature is a fundamental difference from gold and silver. And gold is the ultimate currency of central banks, silver of the people. It has unmatched accessibility to people of all economic standing and technological knowledge. "Gold and silver have been stores of value and mediums of exchange for at least 4 millennia in every civilization in every corner of the world.The day that Queen Elizabeth trades in the five pounds of gold in her crown for crypto is the day I'll shift course." - David Rosenberg of Rosenberg Research, former Chief Economist and Strategist for Merrill Lynch Canada and Merrill Lynch in New York "My vote would be for gold because it has thousands of years of a historical record as a store of value, has one-fifth the volatility of bitcoin, and doesn't face the same competition risk.Now, bitcoin's rapid ascent to over $57,000 per coin, backed by new investments from Tesla and other institutional names, has led some to question whether old assumptions about these assets are correct. Gold, meanwhile, has always been considered a safe-haven asset. Bitcoin, commonly referred to as digital gold, has historically been seen as a risky speculative investment for those looking to profit in the short term. Yet, until recently, it was rare to see Wall Street analysts, chief executives, or established investors seriously compare the two assets. As bitcoin continues its meteoric rise, breaching new records and crossing the $1 trillion market capitalization mark in just the last week, more investors are assessing the longstanding comparison between the famous cryptocurrency and an equally well-known asset class: gold.īoth assets, experts say, are often seen as ways to diversify a portfolio or as a hedge against fiat currency inflation brought about by what some observers see as unsustainable fiscal and monetary policies.
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