- The Chief Executive Officer of deVere Group has said that the recent bitcoin bullish activity is an indication that it is a proven safe haven.
- In a statement posted to the companies website earlier this week, Nigel said that bitcoin is currently living up to his namesake as digital gold.
The Chief Executive Officer and founder of deVere Group, Nigel Green has said that the recent bullish activity from bitcoin is a big indication that it is a proven safe haven and could even replace gold. In a statement posted to the companies website earlier this week on the 27th of July, Nigel said that bitcoin is currently living up to his namesake as digital gold.
The statement further 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.”
Talking about increasing political tension between China and the United States, Green said that that could be a reason why many investors may choose to choose a centralised and non sovereign and secure digital currencies as a way to protect them in the traditional markets.
This came after bitcoin spiked past $10,000 over the weekend leaving many people in the community excited of what might come in the near future.
Who knows if bitcoin will one day overtake gold as a safe haven. Only time will tell but the volatility of cryptocurrency will be a big factor to consider for its future.