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Bitcoin rise may put pressure on gold and precious metals
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[QUOTE="Ahtisham Tahir, post: 210919, member: 67213"] 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. [/QUOTE]
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Bitcoin rise may put pressure on gold and precious metals
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