Nigel Green, CEO and founder of the financial consulting firm deVere Group, says Bitcoin’s recent bullish activity shows that it has the power to replace safe-haven assets like gold.
In a statement on the deVere Group website published on July 27, Green said that Bitcoin (BTC) is living up to its namesake as “digital gold”, while he and other cryptocurrencies are more likely to be seen as safe assets. .
Until now, gold has been known as the best safe haven asset, but Bitcoin, which shares its key characteristics of being a store of value and scarcity, could potentially remove gold from its long-standing position in the future as the world is becoming more technology driven. “
The CEO cited rising political tension between the United States and China as one of the reasons why investors could choose “decentralized, non-sovereign and secure digital currencies” as a way to protect them from turmoil in traditional markets.
Green’s comments were made after the BTC surge to $ 10,000 on July 26, while the token is priced at more than $ 11,000 at time of writing.
Matter follows suit
Gold also hit a new intraday record of $ 1,975 an ounce starting today, amid news that the US government would pass another $ 1 trillion stimulus bill in response to the economic impact of COVID-19.
Prominent gold bug Peter Schiff has predicted that the price of the product will continue to “skyrocket” beyond $ 2,000 as the Federal Reserve continues to print dollars. The US dollar is currently at a two-year low, but Schiff says the decline in the US currency is “just beginning.”
“He is about to dive into new depths, taking the American standard of living with him,” said Schiff. Both gold and Bitcoin may seem like better alternatives to some investors if the downtrend continues.
