According to a survey conducted by Paxos among regular buyers of physical gold, almost a third of respondents consider bitcoin as the best alternative to the precious metal.
Respondents’ fears about the fall of the cryptocurrency market ranked only fifth after the stock market troubles, concerns about geopolitical factors, global medical restrictions and the depreciation of the fiat currency. For this reason, more than a third of those surveyed consider bitcoin a viable alternative to physical gold and financial derivatives of this asset.
“The popularity of bitcoin affects the market: 33% of respondents are sure that bitcoins are the new gold. They plan to buy more cryptocurrency instead of gold,” said Anoushka Rayner, head of commodities at Paxos.
The survey was timed to coincide with the study of public opinion against the backdrop of the ongoing fall of the cryptocurrency market. However, many respondents stated that bitcoin has become one of the most profitable assets in recent human history.
“Most astute investors understand that you have to have some bitcoin on hand or risk holding an obsolete analog asset in the digital world,” said Mike McGlone, senior commodities strategist at Bloomberg Intelligence.
The CEO of the Binance cryptocurrency exchange, Changpeng Zhao, believes that after the current cryptocurrency market crash, Bitcoin will be able to exceed its all-time high of $69,000 by 2024.