Bitcoin Isn’t Alternative To Gold: Investors View
The managing partner with the consultancy CPM Group Jeffrey Christian thinks that many investors don’t consider bitcoin as an alternative asset to gold. But they were investing in stocks for some period, instead of the precious metal.
Christian shared his comments to the Northern Miner:
“I don’t think most physical gold investors and gold stock investors see bitcoin as an alternative to gold and gold shares. I know our clients, who tend to be more intellectually oriented and perhaps more longer-term oriented, see bitcoin as something they would day trade, but they wouldn’t take a position overnight because they see it as the ultimate fiat currency backed by nothing and no one, and the antithesis of gold ”.
He thinks, that bitcoin is distracting many people from gold, But the real market, that distracts people from gold is the stock market. He compared cryptocurrency market with others, pointing that it’s less than $200 billion, which is about a million investors.