eToro analyst, Josh Gilbert, is sure that it is unlikely that large investors will consider the first digital currency as a hedge fund along with gold. This is reported by Bloomberg.
“These two instruments do not have the same place in investment portfolios,” the expert said.
According to the news agency, the correlation between gold and Bitcoin became negative in July.
Compare the dynamics of Bitcoin and gold. Data: Bloomberg.
Gilbert believes that cryptocurrencies are particularly vulnerable to economic risks such as recession due to prolonged restrictive policies A deer.
“If investors panic and want to reduce leverage, digital assets are often on the list,” he said.
Mad Money show host Jim Cramer noted that in the background recent correction gold “has held up much better than crypto.”
Remember this: gold held up much better than crypto…
– Jim Cramer (@jimcramer) August 5, 2024
40-day correlation between Bitcoin and gold. Data: Bloomberg.
Head of Galaxy Research confirmedthat many investors see Bitcoin as a kind of “enterprise bet on the future as digital gold.”
Despite falling ~ 14% in the last few days, the first cryptocurrency has grown by 27% since the beginning of the year. In the same period, gold prices rose at ~16%.
Previously ForkLog discussed with experts the main support levels for Bitcoin and the conditions for its growth.
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2024-08-06 16:23:06
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