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Dec 23, Dec 22, Newsletter Stay up to date with our latest news. Obi Nwosu Dec 22, Nick Chong Dec 18, Dec 18, Dec 16, His investment is now nearly three times bigger today than it would have been had he kept his nest egg of gold. Amid economic and geopolitical tumult, more investors are looking to bitcoin as a safe haven play. Strategists at JPMorgan say the price of gold will suffer as institutional investors continue to buy into bitcoin.
While the cryptocurrency has indeed matured into a permanent fixture in the financial industry, some Wall Street investors caution that the volatile cryptocurrency will never supplant gold as a store of value, because it has no value to store. When the coronavirus pandemic began to shut down economies around the world, investors did what they typically do amid economic uncertainty: they fled to safe haven assets.
Only this year, gold and cash weren't the only safe haven plays. And unlike its rally in , analysts don't think we are heading toward a bursting price bubble anytime soon. Zoom In Icon Arrows pointing outwards. Meanwhile, the price of gold has been sliding since its all-time peak in August , not least of all because of optimism over progress on the Covid vaccine front. You're looking at bitcoin.
Part of what is different about bitcoin's rally in versus is that institutional investors are adopting bitcoin, lending it newfound legitimacy and helping to erase the reputational risk of investing in the cryptocurrency. Old-school, billionaire hedge fund managers Stanley Druckenmiller and Paul Tudor Jones now own bitcoin and big fintech players like Square and PayPal are also adding crypto products.
But keep in mind, bitcoin has a long history of wild volatility. While 's price moves look to be more stable than in rallies past, ultimately we just have to wait and see how bitcoin performs over time. After taking the plunge from gold into bitcoin, Taihuttu decided to go all in on the cryptocurrency.
Crypto evangelists claim the rally is unlike as it's being driven by institutional buying rather than retail speculation. No longer the domain of just computer programmers and fintech advocates. On Tuesday, U. Jason Deane, an analyst at crypto advisory firm Quantum Economics, said increased institutional interest in bitcoin has "led to an increasingly bullish narrative. The total supply of bitcoins that will ever be "mined" is capped at 21 million.