- Bitcoin tests a new yearly high over $11k
- Bitcoin has the ability to replace gold as a safe-haven – Nigel Green
- Gold surges to a new intraday high
Bitcoin News Today – Bitcoin (BTC) has been at the limelight over the past few days. The digital currency has been making the headlines due to its massive price rally. Bitcoin recently broke over the major $10,000 hurdle point and made a run towards the $12k mark. The digital currency tested a new yearly high over the $11k mark before it started correcting lower. This has made many investors and crypto fans to be only bullish on the digital currency.
CEO of deVere Group Says Bitcoin Could Replace Gold as a Safe Haven
Recently, Nigel Green said that Bitcoin (BTC) can replace gold as a safe haven for investors as the world turns digital. Green is the founder and CEO of a financial consultancy company deVere Group. The CEO said that the recent bullish action of Bitcoin shows that it has the ability to replace proven safe-haven assets such as gold.
Bitcoin (BTC) Price Today – BTC / USD
In a statement, which was published on the website of the firm on July 27, the CEO said that BTC is presently living up to its namesake as “digital gold.” He added Bitcoin and other digital currencies are more like to be seen as safe-haven assets. Green said:
“Up to now, gold has been known as the ultimate safe-haven asset, but Bitcoin — which shares its key characteristics of being a store of value and scarcity — could potentially knock gold from its long-held position in the future as the world becomes ever-more tech-driven.”
Green pointed to the increasing tension between China and the US as one key reason investors might go for non-sovereign, decentralized, secure digital currencies to protect themselves from turbulence in traditional markets. The CEO made these comments after the price of Bitcoin surged to $10k on July 26. At press time, Bitcoin is changing hands around the $10,900 range.
Bitcoin Paves the Way for Other Commodities and Assets
Bitcoin is not the only asset benefiting from the recent bullish waves. Gold also recorded a new intraday high of $1,975 per ounces a few hours ago. This move came amid news that the United States government would be passing another $1 trillion stimulus bill. Peter Schiff recently said that the price of gold would continue to surge higher beyond $2k as the Fed continues to print dollars. The USD is presently at a 2-year low, but the prominent gold bug said that the decline of the USD is just getting started. He said:
“It’s about to plunge to new depths, taking the American standard of living down with it.”