JP Morgan Sees Millennials’ Bitcoin Preference Over Gold as Foundation for It...
JP Morgan says bitcoin’s 2020 surge is set to continue as the digital cryptocurrency competes better against gold as an alternative currency. In a note, the financial institution says that with millennials set to become a more important market participant in the coming years, their preference for bitcoin to gold sets up the crypto for future success. The financial institution’s assessment comes as the digital currency continues to see increasing adoption by institutional investors and an embrace by corporations like payments giant Paypal. According to a report, JP Morgan....
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Some peculiar characteristics of Bitcoin have qualified the digital currency to substitute the position of money, currency or commodity depending on the preference of an individual. Bitcoin is similar to gold. Considering its identity as a commodity, a lot of people have considered the cryptocurrency to be similar to gold. Like gold, Bitcoin is durable, transferable, divisible, scarce, recognizable and fungible. These are the qualities that define sound money. Comparing Bitcoin to gold, Netcoins CEO Michael Vogel says that he has always viewed Bitcoin as a digital alternative to gold and....
Mad Money host Jim Cramer, a long-term gold proponent, says that gold has let him down. He has become more bullish on bitcoin, advising investors to put 5% of their portfolios in the cryptocurrency to protect their assets. Jim Cramer Reduces Gold Holdings, Increases Bitcoin Allocation In an interview published Monday with Morgan Creek Digital partner Anthony Pompliano, Jim Cramer talked about his new investment strategy for bitcoin and gold. Cramer is the host of Mad Money on CNBC, a former hedge fund manager, and a co-founder of Thestreet.com, a financial news and literacy website.....
Welcome back to another Bitcoin News in Review, where we feature some of our biggest stories of the week on CCN. This week, we discovered that several gold companies have shown an interest in Bitcoin, that the Mt. Gox saga still isn't over, that Andreas Antonopoulos has left the Bitcoin Foundation, and more. Check out this week's Bitcoin News in Review after the break. Gold Companies are Unsurprisingly Interested in Bitcoin. Is bitcoin the new gold? Bitcoin and gold share many similarities. They are both inherently limited, have to be "mined", are deflationary, and can act as a store of....
Federal Reserve Chairman Jerome Powell sees cryptocurrency as a substitute for gold, rather than the dollar. However, he cautioned that crypto assets, including bitcoin, are highly volatile and not useful as a store of value. Fed Chair Sees Bitcoin as a Gold Substitute During a webinar sponsored by the Bank of International Settlements (BIS) on Monday, Federal Reserve Chairman Jerome Powell talked about cryptocurrency, mentioning bitcoin in particular. The Fed chair detailed: “Crypto assets are highly volatile, see bitcoin, and therefore are not really useful as a store of value.....
Dalio sees gold as a hedge against inflation but also has a bit of BTC in his portfolio. Hedge fund manager Ray Dalio says he’s still bullish on Bitcoin but has a greater penchant for gold.Speaking to CNBC on August 4, the billionaire investor admitted to owning a “very small amount” of Bitcoin but said that he would choose gold if he had to make the choice between the two.“If you put a gun to my head, and you said, ‘I can only have one. I would choose gold.”But he added that he sees Bitcoin as digital gold and that i remains an important way to diversify. “There are certain assets that....