Jake Klein, CEO of Australian gold mining company Evolution Mining, believes that bitcoin does not threaten gold, and its volatility makes the valuable metal even more attractive.
In an interview with CNBC, Jake Klein stressed that bitcoin has a “long way to go” before it can compete with gold. In terms of such parameters as “durability and safety”, bitcoin is still very far from a valuable metal.
“There are too many speculative funds in cryptocurrencies. I think the volatility in the cryptocurrency industry is driving people back to investing in gold, ”said Evolution Mining CEO.
At the same time, Klein is not an opponent of cryptocurrencies and believes that both assets may well coexist. However, many refer to Bitcoin as “digital gold,” and some, such as analyst Mike McGlone, claim that Bitcoin will replace gold in the future.
In early August, billionaire Ray Dalio, hedge fund manager Bridgewater Associates, said he loved Bitcoin. But if they “put a gun to his head and told him to choose one thing,” the investor would choose gold.
Note that gold has also shown significant volatility in recent months. In January, the asset was worth more than $ 1,900 per ounce, but by March the rate dropped to $ 1,700. In June, it again reached $ 1,900, and by August dropped to March levels.
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