Is the world’s No. 1 digital currency luring away traditional investors in gold, which boasts an unrivaled history as a store of value.
Is bitcoin knocking some of the shine off gold?
Bitcoin’s break above $7,300 on Thursday comes as gold futures have made curious moves, mostly trading sideways, despite weakness in the currency that underpins it—the U.S. dollar—and a downturn in bond yields. That raises a key question: Is the world’s No. 1 digital currency luring away traditional investors in gold, which boasts an unrivaled history as a store of value.
Some commodity experts think there may be some merit to that idea—at least in the near term.
“Bitcoin is preventing gold prices from a rise,” Chintan Karnani, chief market analyst at Insignia Consultants in New Delhi told MarketWatch.
Source/More: Bitcoin may be staging the biggest challenge yet to gold and silver – MarketWatch
