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Evolution Mining Chairman Claims Bitcoin’s Volatility Will Drive People Back to Gold

UTC by Sanaa Sharma · 2 min read
Evolution Mining Chairman Claims Bitcoin’s Volatility Will Drive People Back to Gold
Photo: Depositphotos

During the recent week, Gold prices dipped significantly, with analysts estimating further dips in the prices in the future. The drop serves as an immaculate opportunity for the gold investors.

Jake Klein, executive chairman of Evolution Mining, claims that unsettling crests and troughs in cryptocurrencies will gradually pull investors back to Gold.

In an interview on Thursday, Jake Klein said that Bitcoin and other cryptocurrencies have a “long way to go” before they resonate with the stability and durability that Gold or other precious metals possess. In a conversation with “Squawk Box Asia, Klein said that the cryptocurrencies are running on huge amounts of conjectural money.

During the recent week, Gold prices dipped significantly, with analysts estimating further dips in the prices in the future. David Neuhauser, hedge fund manager at CNBC, says that the current drop in prices of gold is an illustrative investing opportunity for people.

Klein believes that the two investing pockets can thrive parallelly since the possibility of Gold sitting beside Bitcoin is quite sustainable. Klein also confessed that Bitcoin did not serve as a threat to Gold investing markets. However, Olympic rower and investor Tyler Winklevoss, who founded Winklevoss Capital Management, had stated that Bitcoin was Gold 2.0 and that this cryptocurrency would witness a greater rise.

Bullish Investors assume Bitcoin as the digital gold and a hedge against inflation, waiting for the crypto asset to appreciate over time.

While most investors believe in the powers of cryptocurrency to change the way global financial sectors exist, there are mixed opinions on which is the better investment. Canadian Businessman and politician Kevin O’Leary had made news recently by declaring that Ethereum will always be the silver, while Bitcoin becomes the gold in the world of crypto. On the other hand, hedge fund manager Ray Dalio believes that at gunpoint, if he is asked to invest in one asset, he would always go for gold.

Bitcoin exceeded the $48K mark over the recent weekend, touching a new peak since May this year. The weekend rise came after a recent dip in June and July when the prices fell below $30,000. On the other hand, Gold prices have also not been very stable this year, with recurrent highs and lows in the price graph. In January this year, it was priced at approximately $1.9K which dropped to $1.7K in March. The price again shot to $1.9K in June before stumbling to $1.7K this month.

More crypto-related news can be found here.

Bitcoin News, Cryptocurrency news, News
Sanaa Sharma
Author Sanaa Sharma

Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.

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