While Gold vs. Bitcoin is one of the hottest debate of the recent time. Its emergence can be attributed to the fact that investors are looking for a safe haven in apprehended tumultuous times in the world economy. While the proponents of Bitcoin hail it as a boon, Gold investors have completely bashed the theory of them being comparable.
E. B. Tucker is a Senior Analyst of Strategic Investor and Strategic Trader at Casey Research, LLC. According to him, Bitcoin and Gold are “not even comparable,” he said in a recent interview,
It’s not even a question. It’s walking versus air travel.
Tuckers’ believe in gold stands is due to its profound history of being a store of value for centuries. He said,
“With Bitcoin people don’t releasie the there is only about $160-$150 billion overall while gold is an 8 trillion dollar market. You see asset managers and people have to move funds in and out of these assets. Bitcoin is not a functional space to store money.”
Moreover, he acknowledged the economic crisis that is up in the world. Furthermore, he reasserted his belief in gold based on the very economic uncertainty. He said,
“Something [Gold] that has been around for thousands of years. As we go through the reset that’s coming you’ll see what has staying power.”
Ray Dalio is an American Billionaire investor and the founder of one of the most significant hedge funds in the world, Bridgewater Associates. Reportedly, he has also increased his hedge fund position in gold drastically in Q1.
The proponents of Gold investors are also comfortable with gold being a comparatively fixed asset. According to Tucker, it’s a store of wealth, and “I would not go around buying sandwiches with it.”
Gold has been bullish in the past couple of weeks as it broke above $1300. The vast market capitalization of Gold makes it an efficient store of value and little effect on the price as people like to hold on it. Nevertheless, similar sentiments can be observed with Bitcoin but, on a much smaller scale.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com