JAKARTA – In the midst of the hype of cryptocurrencies, several gold investors are reportedly starting to switch to cryptocurrencies. The information was delivered by Mike McGlone, a Bloomberg commodity strategist.
McGlone also mentioned that gold investors who are starting to embrace crypto prefer Bitcoin (BTC) and Ethereum (ETH). Both cryptocurrencies are the largest in the world by market capitalization.
According to The Daily Hodl, in an interview with Stansberry Research, McGlone also revealed that investors are starting to “give up on gold” and shift their investments to the two largest cryptocurrencies today.
“The thing that I underestimated this year was how much scorn and gold flow came out, and people gave up on gold and turned to Bitcoin and Ethereum”, said McGlone.
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“Basically Bitcoin and Ethereum are in the same basket as gold. So as we speak, gold is down about 7% on the year and Bitcoin is up almost 70%. Ethereum is up almost 400%”, he added.
The boom of Bitcoin cs is due to its deflationary characteristics to the decline in the value of the currency. The reason is, during this global pandemic, the currency continues to be printed in massive quantities and circulated in the community. This can trigger inflation.
“We can fully expect debt-to-GDP levels, QE [quantitative easing], fiscal/monetary stimulus to continue to maintain an unrestricted supply of fiat currency”, McGlone said.
“That means, depending on how you value Bitcoin (whether) it should have an unlimited supply of fiat currency or a limited supply of Bitcoin. This means that prices must rise according to economic rules”.
He also stated that Bitcoin trading on exchange-traded funds (ETFs) and futures will be launched at the end of next month. Probably the end of October. McGlone explained that the chairman of the United States Securities and Exchange Commission (SEC) Gary Gensler also hinted at this and it would be a great small step for the SEC.
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