CME chief economist hints Bitcoin is gaining ground on gold as a hedge
Why can't we be friends? The gold versus Bitcoin debate rages on. CME Group’s chief economist and managing director, Bluford Putnam, recently acknowledged that Bitcoin is competing with gold as a hedge against inflation.“Gold appears to have an emerging competitor in Bitcoin,” told Bloomberg for a video released on YouTube on Tuesday. “Given the current price range for gold, it is likely that increased production will be a feature of 2021,” he said.Gold’s supply is less clearly defined than Bitcoin’s. Built into the asset’s code, BTC touts a set maximum limit of 21 million coins, dispersed....
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In addition to its stable price in recent weeks, talks of Bitcoin’s edge in gaining relevance to physical goldparticularly as a traditional store of value seems to be gaining more ground following the slowing price of the precious metal. Economist and investor, Tuur Demeester, looked at it from a point of view in a recent post andestablished that Bitcoin can be both a secure store of value (digital gold) and a liquid medium of exchange (digital cash) used for small size payments. He based his conclusion on the view that cash and gold aren’t that different and cash money has to have the....
Gold is a commodity like bitcoin and other cryptocurrencies, Citi's chief economist argues in a research note published yesterday, ahead of a Swiss vote that could cause the global gold price to spike. Switzerland will hold a popular referendum on Sunday called 'Save Our Swiss Gold'. If passed, it would mandate the Swiss National Bank to hold a fifth of its assets in gold and to repatriate its holdings from England and Canada. The bank would also be banned from selling its gold in future. Gold prices have dropped as markets await the referendum. If the referendum is passed, gold prices....
A hedge against the traditional market? Nope, crypto assets are now looking closer in risk profile to oil and gas, or EV stocks like Tesla, says Coinbase Institute’s chief economist. Despite some touting crypto as a hedge against traditional markets, digital assets today share a similar risk profile to commodities such as oil and gas, and tech and pharmaceutical stocks, according to analysis from Coinbase’s chief economist. The observation comes from a blog post from Coinbase chief economist Cesare Fracassi on July 6, noting that the “correlation between the stock and crypto-asset prices....
The chief economist at the International Monetary Fund (IMF) says that regulation is “absolutely important” for the crypto sector. She added that banning cryptocurrencies, like what India could be considering doing, would pose practical challenges given their decentralized nature. IMF’s Chief Economist on Cryptocurrency and Its Regulation International Monetary Fund (IMF) chief economist Gita Gopinath reportedly discussed cryptocurrency Wednesday at an event organized by the National Council of Applied Economic Research (NCAER). Gopinath is also the IMF’s....
Blu Putnam said gold's ongoing production, likely to increase this year, contrasts with bitcoin's fixed supply.