Bitcoin rise may put pressure on gold and precious metals

[Ahtisham Tahir]

Chinese state media are predicting a further drop in gold and the gem market in general amid a possible parabolic rise in bitcoin (BTC). Indeed, several market analyzes show a growing turn away from traditional safe-haven assets like gold towards BTC as investors seek to capitalize on cryptocurrencies.

Some market analysts are pushing Bitcoin to strengthen its position against gold and other longtime safe-havens. It appears that a lot of this rise in BTC is due to its ability to see exponential growth, especially in the year following the halving fall.

Ray Dalio, founder of hedge fund firm Bridgewater Associates. introduced Bitcoin as a "diversifier" of gold. After a multi-million dollar bet on bitcoin by his company, MicroStrategy CEO Michael Saylor opined that BTC is “a million times better” than gold as a store of value.

Despite CCTV's blatant support for bitcoin, BTC and other cryptocurrencies still face tough regulatory action in China. In addition to bans on cryptocurrency trading, the government is also trying to ban the issuance of stable coins as it moves towards extensive testing of its Digital Currency Electronic Payments Project (DCEP).

Between undefined Meanwhile, the fluctuating volatility in gold prices forced Chinese banks to take decisive action. Recently, some of the country's major commercial banks announced they were suspending the creation of new gold trading accounts. At the time, banks also warned existing investors to be careful about the current precious metals trading climate.

 

[Sotherefore]

To me this is really none of our business because a lot of people are just really interested to invest in whatever they are interested and also on legal things that will be profitable to them in the future.

Gold is the type of investment that a lot of people invested on in the past and this type of investment was not really profitable to most people especially the teenagers because it was not easily accessible but cryptocurrency has presented an opportunity for people to invest even while they are in their rooms,

cryptocurrency is just the best way of investment to us as long as it doesn't cause any problem to humans and the society.

I know with the high rate of investments in cryptocurrency A lot of investors will abandon any other form of investment to consider cryptocurrency and to me I do not see anything wrong with that because a lot of things are being taken over by technology.

That is why I have been saying that in every business you are doing you shouldn't put your eggs in one basket because technology is likely to take over most of the things we are doing now probably in the future.

 

[Kingsley]

Of course we all agree that both market are been regulated by the forces of demand and supply. Hence what ever happens in the economy in general will one way or the other affect the prices of either gold or bitcoin. Since both are been valued by the international currency which is the U.S. dollars.