Bitcoin no match for gold in coronavirus world

Bitcoin no match for gold in coronavirus world

Bitcoin could reach over $300K by end of 2021: INX Limited CMO INX Limited CMO Douglas Borthwick discusses the future of Bitcoin. The recent surge in bitcoin ’s price has created some new believers, but the cryptocurrency will never supplant gold as a store of value or medium of exchange, some Wall Street investors say.

The cryptocurrency’s price has soared more than 70% over the past six weeks to more than $18,000 a coin and is 11% below its all-time peak of $20,089 an ounce. At the same time, gold’s price has traded in a tight range between $1,850 and $1,950 an ounce.

“To try to act like bitcoin is some kind of improved version of gold, it’s going to disrupt gold because it’s a better store of value, it’s a better medium of exchange, all that is pure nonsense,” said Peter Schiff, CEO of Westport, Conn.-based Euro Pacific Capital. “It’s […]

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