Newcrest Mining CEO Sandip Biswoz stated that cryptocurrency investors should invest in gold to hedge against the excessive volatility of digital assets.
Sandeep Biswas explained that people don’t have to give up Bitcoin in favor of gold, but they should consider buying this precious metal to protect against a sudden drop in cryptocurrencies.
Gold is a completely different asset class that is less volatile compared to digital currencies. Bisuoz called gold a “tangible” asset that can be touched and also turned into jewelry or other things. He noted the scarcity nature of gold, while cryptocurrencies are “spreading everywhere.”
The CEO of Newcrest Mining also said that with global inflation and money printing as part of stimulating the economy and fighting the pandemic, the gold price trend remains attractive to the market.
Such statements by Bisuoz were made against the backdrop of a “surge” in the cryptocurrency market. A few days ago, bitcoin surpassed $ 48,000 for the first time, but the next day its price corrected by about $ 3,000.
Economist Peter Schiff, who is known for his love of investing in gold and distrust of bitcoin, believes that the first cryptocurrency has no prospects, and in a few years, investments in bitcoin will depreciate.
At the end of 2020, analysts at investment bank Goldman Sachs suggested that Bitcoin’s skyrocketing rate would not harm traditional assets like gold. On the contrary, the bitcoin and gold market can coexist peacefully.
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