Jul 28, 2020 15:52 UTC
Jul 28, 2020 at 15:52 UTC
$12B Advice-giving Group CEO: BTC Is Safe Haven Asset Among Political Stiffness:
Bitcoin has the aptitude to substitute gold for investors as the world cracks digital, says Nigel Green. Nigel Green, the CEO & founder of financial consultancy firm deVere Group, declares Bitcoin’s recent bullish activity expressions it has the power to substitute established safe haven assets like gold. In a report on the deVere Group’s website posted July 27, Green alleged Bitcoin (BTC) is presently living up to its namesake as “digital gold” whereas it & other cryptocurrencies are additional probable to be seen as safe haven assets.
“Up to now, gold has been known as the ultimate safe-haven asset, but Bitcoin which shares its key characteristics of being a store of value and scarcity could potentially knock gold from its long-held position in the future as the world becomes ever-more tech-driven.”
The CEO cited growing politically aware tension amid the United States & China as one reason investors might choose “decentralized, non-sovereign, secure digital currencies” as a way to guard them from turmoil in traditional markets. Green’s commentaries were made ensuing BTC’s rise to $10,000 on July 26, whereas the token is priced at more than $11,000 at the time of writing.
Commodity follows suit
Gold has also reached a new best ever intraday high of $1,975 per ounce as of today amongst news the U.S. government would be transitory another $1 trillion provocation bill in response to the economic impact of COVID-19. Prominent gold bug Peter Schiff has predicted the price of the commodity will stay to “soar” outside $2,000 as the Fed keeps printing dollars. The U.S. dollar is currently at a two-year low, but Schiff says the decline of America’s currency is “just getting started.” “It’s about to plunge to new depths, taking the American standard of living down with it,” said Schiff. Both gold & Bitcoin might look like better substitutes to approximate investors had better the downtrend stay.