Nigel Green, CEO and founder of deVere Group Financial Advisors, says Bitcoin's recent bullish performance shows it can replace safe assets like gold.

In a statement on the deVere Group website released on July 27, Green said Bitcoin (BTC) is now up to its name as “Digital Gold”, while other cryptocurrencies are likely to be treated as a hedge asset.

“Until now, gold was known as the ultimate safe haven asset, but Bitcoin, which shares the key features of value accumulation and scarcity, has the ability to defeat gold from its old site in the future as the world becomes more technically controlled.”

The CEO notes the growing political tensions between the United States and China as a reason for investors choosing “decentralized, non-sovereign and safe digital currencies” as a way to protect them from turmoil in traditional markets.

Green's comments were made after BTC rose to $ 10,000 on July 26, while the symbol was over $ 11,000 at the time of writing.

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Gold also reached a new all-time high of $ 1975 an ounce so far amid news that the US government will pass another stimulus bill of $ 1 trillion in response to the economic impact of COVID-19.

The famous gold beetle Peter Schiff predicted that the price of the commodity will continue to “rise” to over $ 2,000 as the Federal Reserve continues to beat the dollar. The US dollar has now reached its lowest level in two years, but Schiff says the depreciation of the US currency “has just begun”.

“He will dive into new depths and take with him the American standard of living,” Schiff said. Gold and Bitcoin may appear to be the best choice for some investors if the bearish trend continues.

Source: CoinTelegraph