An increase in the value of the world’s first cryptocurrency, bitcoin, has always been accompanied by gloomy forecasts. BTC’s recent rally was no exception. Many acknowledged experts suggest that physical gold will win the competition from digital gold in the long run.
Evolution Mining CEO Jake Klein, a supporter of gold, reckons that volatility in cryptocurrencies will drive investors to return to gold. According to Klein, bitcoin has a “long way to go” before it shows the “longevity and security” that gold has proven to offer investors. Klein is sure that gold effectively protects personal savings from inflation.
Livermore Managing Director David Neuhauser is on the same page with Evolution Mining’s CEO. Back in August, when gold decreased in value, he saw it as a "massive buying opportunity". Despite owning a small amount of bitcoin, the founder of Bridgewater Associates, Ray Dalio, values gold higher than BTC. "If you put a gun to my head, and you said, 'I can only have one, I would choose gold," he said.
Notably, the year 2021 has been tough on the safe haven. The precious metal has been fluctuating in an extraordinarily wide range of $1,700-1,900.
