Nigel Green, CEO and founder of financial advisory firm deVere Group, believes that Bitcoin’s (BTC) continuing appreciation on cryptocurrencies shows that it can be seen as a “save haven” acting as “digital gold”. Due to the current global crisis and, for example, the growing inflation in the United States, cryptocurrencies seem to be increasingly seen as a safe asset.
“Until now, gold has been known as ‘save haven’, but Bitcoin, which shares its key features, has the potential to dethrone gold from its long standing in the future as the world becomes increasingly technologically driven.”
Another reason investors may be more likely to choose decentralized, non-state currencies is the growing political tension between the US and China. This is a good way to protect your capital from turmoil in traditional markets.
Nigel Green’s comments came after the BTC price was raised to $ 10,000 on July 26, while the token at the time of writing is already worth $ 10,823.
DeVerde Group is a customer experience consulting company that uses its own research methods based on human behavioral mechanisms. As the company believes, people are much more likely to take action in response to negative events than positive ones.
Gold is also going up
However, gold hit a record high of $ 1,975 an ounce during the day. This is because the US government announces that it is issuing another trillion dollars in economic aid to citizens and businesses most affected by the COVID-19 crisis.
Peter Schiff, a respected American economist predicts that the commodity price will continue to rise above $ 2,000 as the US continues to print money and the US dollar inflates. The specialist also believes that the decline in the dollar is just beginning.
Should the dollar’s downward trend continue, both gold and Bitcoin seem to be better alternatives for some investors.
You can always check the current rate of Bitcoin and other cryptocurrencies in the tabs: Bitcoin rate and cryptocurrency rate on the website. In turn, a certain place where you can buy Bitcoin and other cryptocurrencies is, among others Polish cryptocurrency exchange BitBay.net. If you do not have an account on BitBay yet, in this article you will learn how to create one quickly and efficiently: LINK.