News
“The reason I own Bitcoin is because the U.S. government and every government in the western hemisphere is printing money now to the end of time,” said billionaire Barry Sternlicht.
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Gold News
Nowadays, investors have divided into two groups: cryptocurrency vs gold. After comparing all the characteristics of digital money with precious metal, they appear to have a lot of in common. For example, they are produced through mining and both are almost impossible to destroy. Gold doesn’t react with acid or lye, and can’t be oxidized. In the same way, cryptocurrencies are immutable in that it is nearly impossible to shut down all the computers within the blockchain. Also, both of them can be profitable but still be at risk of cost fluctuations. In most transactions, they should be sold or exchanged for fiat currencies or an equivalent, but it is much easier to do with digital money. However, unlike gold, cryptocurrencies are not accepted in all countries.
For those who still can’t decide in which to invest, a group of Russian entrepreneurs has launched the GoldMint platform, which operates with a digital asset GOLD that is backed with reserves of real gold or ETH.
- News
According to JPMorgan, this week’s rally has been driven by institutional investors hedging against inflation with Bitcoin.
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Shark Tank star Kevin O’Leary stated that “crypto for the first time is more than gold for me” and doesn’t see a situation where crypto “goes away” as a result of regulation.
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BTC’s lack of integration with traditional finance and its inability to be forcefully sold to cover financial losses mean the price might not “collapse” if there is a global stock market meltdown.
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Gold and crypto are often described as an “either or” proposition, but this project aims to give investors the opportunity to gain exposure to both.
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The Omega Advisors chairman and CEO said people should be careful about Bitcoin, and suggested gold as a better store of value.
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Fidelity’s Jurrien Timmer believes that the significance of El Salvador’s Bitcoin move is “a little bit overplayed.”
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The sell-off in the Bitcoin market, in particular, intensified due to excessively leveraged bullish bets.
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The declaration appears as Bitcoin pops back above $50,000, with its addition in a gold-bond portfolio outperforming the S&P 500 index.
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Nonfarm payroll data shows the worst U.S. jobs gain in seven months, limiting concerns of Federal Reserve tapering this year.
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Russian investors now look at digital financial assets as an investment tool rather than just a “hype product,” AFD head Evgeny Masharov said.
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The billionaire subprime short-trader in the 2008 financial crash said that digital assets have a “limited supply of nothing.”
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During the debate, Schiff said that “in reality, Bitcoin and gold have absolutely nothing in common” as gold has value due to its metallic properties, while Bitcoin is just a “giant pump and dump.”
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Long-dated U.S. Treasury yields are slumping ahead of the Jackson Hole meeting.
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Evolution Mining’s executive chairman said gold and Bitcoin could coexist, but the latter is not yet mature enough to deliver the established safe haven assurance of the former.
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