The company's president, Jake Klein, estimates that the cryptocurrency still has a long way to go before demonstrating the "durability and security" that gold has offered investors over the past 70 years.
Sharp fluctuations in the cryptocurrency sector will eventually drive bitcoin investors back to gold, the chief executive of Australian gold mining company Evolution Mining, Jake Klein, told CNBC."I think volatility in the crypto space will ultimately lead to people turning back to gold," he stated.According to Klein, bitcoin still has a long way to go before it can demonstrate the "durability and safety" that the precious metal has offered investors over the past 70 years.
While Klein estimates that gold can coexist with digital currencies, he believes that cryptocurrencies bring with them a huge amount of hot money.
While investors frequently refer to bitcoin as 'digital gold' and even call it "a better version of gold," others believe that the cryptocurrency boom is not here to stay."If you put a gun to my head and told me I can only have one, I would go for gold," said Ray Dalio, founder of Bridgewater Associates, the world's largest hedge fund.
On August 14, the value of bitcoin surpassed the threshold of $ 48,000 for the first time since May, before dropping slightly. Currently, the price of the cryptocurrency is around $ 44,000 per unit, according to data from the CoinMarketCap portal.
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