Should You Invest in Bitcoin & Cryptocurrency
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Gold Vs. Bitcoin: 'Comparison Is Overdone' And Here's Why
The comparison between gold and bitcoin has been “overdone,” according to one investment expert, Bitcoin Graph Inr Live
“Gold is a store of value that will last forever. Bitcoin, on the other hand, is something that is young and speculative. [Bitcoin] is very exciting, but the comparison with gold has been overdone,” Newscape Capital’s chief investment officer Charlie Morris told The London Bullion Market Association (LBMA).
The only true similarity between the two investment choices is on the supply side, Morris pointed out. “The bitcoin network was designed around the idea of gold. That is why they are so similar,” he said.
But, on the demand side, things look completely different, Morris noted. “For gold, it’s a long term store of value, which is driven by inflation. Bitcoin is driven by the network effect. It is more similar to a social media stock than it is to a precious metal.”
Morris described different economic and social scenarios that would work for gold and bitcoin.
“In a strong growth environment, where all is well and speculation is rife, no doubt the audience will be voting for bitcoin. However, in the adverse scenarios, such as inflation, nuclear war, or even socialism, I suspect most of the audience will favor gold over bitcoin,” Morris explained.
it needs the young and vibrant supporters to keep exchanging it in order to push the value higher. Bitcoin Graph Inr Live , it needs the young and vibrant supporters to keep exchanging it in order to push the value higher.
“If people stop using bitcoin, then its value will decline. And therefore, in an environment, which is suppressive or disrupting, it is less likely that network will be so strong,” Morris said.
Gold has been having a great start to the year, firmly trading above last year’s key psychological level of $1,300, while bitcoin has on a rollercoaster ride since hitting its all-time high in December.
were last at $1,327.60, down 0.34% on the day, while
was back up at $10, was back up at $10 Bitcoin Graph Inr Live , down 1.31% on the day, according to
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The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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