Money is moving from gold to digital currency
The Financial Times is reporting that currency traders are “dumping gold for cryptocurrencies” where they see better profit potential.
“Institutional investors appear to be returning to bitcoin, perhaps seeing it as a better inflation hedge than gold,” analysts at JPMorgan said this month.
FT reports, “According to Fidelity’s latest Institutional Investor Digital Assets Study, which surveyed 1,100 professional investors, bitcoin’s lack of close correlation with other asset classes and perceived potential as a hedge against inflation added to its mainstream popularity.”
“More than half the hedge funds surveyed in Europe and the US said that rising inflation was a main driver of their attraction to digital assets, with nearly eight in 10 of the surveyed investors stating that cryptocurrencies have a place in a portfolio.”
“There is an inclination now to look to bitcoin as a portfolio diversifier, with inflation being one of the catalysts,” said Mohamed El-Erian, president of Queens’ College, Cambridge and chief economic adviser to Allianz. “Bitcoin has attracted money away from gold.”
More than $10 billion has been pulled from the biggest gold exchange traded fund this year and funds’ physical gold hoards have also been selling down, according to Bloomberg data.
Veteran gold traders acknowledged times are changing. “There is zero interest in our strategy right now,” said John Hathaway, senior portfolio manager at Sprott Asset Management, a precious metals investment group.
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Is now a good time to begin mining for Filecoin?
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Disclaimer: This blog is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
1 Out of pocket costs are defined as machine buy-in price and the first year’s hosting fee. The remainder of the term’s hosting fees will be due yearly upon the anniversary date of the contract.