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Investors looking for alternative assets understand that both digital currencies and gold exchange-traded funds have a place in everyday investment strategies.
Frank Holmes, CEO of US Global Investors, noted that as cryptocurrencies gain popularity, many people compare gold and cryptocurrencies, believing that the digital currency will either replace gold, or there will simply not be enough gold.
Even big supporters of gold, such as Ray Dalio of Bridgewater Associates and hedge fund manager Paul Tudor Jones, have changed their attitude to bitcoin.
Holmes drew attention to the fact that both cryptocurrency and gold have many similar features. For example, both assets are rare resources, they are difficult to spoil, they are liquid all over the world, unstable, and are also used as collateral. The ongoing instability in the crypto space is even highlighted, especially compared to a traditional safe haven such as gold.
For example, Bitcoin showed a 10-day standard deviation of +/- 14% for the year ended June 2021, compared to a 10-day standard deviation of gold +/- 3%. Both assets were better than others. Gold shows long-term results, bringing positive returns over the past 20 years, an average of 80% per annum. MicroStrategy CEO, Michael Saylor, noted that MicroStrategy surpassed the Grayscale Bitcoin Trust last year until June 2021. Cryptocurrencies have become stronger after the so-called crypto winter, that is, when Bitcoin prices rose after three years of stagnation.
Gold's demand is growing, especially from consumers from developing countries in the fast-growing markets of India and China. As a percentage, the maximum demand for gold, as well as for jewelry as a security measure, falls on the middle class.
The precious metal also benefits from fears due to its security against inflationary growth.
In addition to direct investment in cryptocurrencies, investors can get an indirect impact through crypto miners. Saylor stressed that blockchain technology is the basis of cryptocurrencies. HIVE Blockchain Technologies was the first publicly registered blockchain infrastructure company that provides shareholders with access to digital currency mining and cryptocurrency portfolios. Interest in blockchain companies has increased dramatically: last year, HIVE shares surpassed Ethereum and Bitcoin.
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