Bitcoin has become the equivalent of gold: Cryptocurrency is used to reduce risks

Bitcoin has become the equivalent of gold: Cryptocurrency is used to reduce risks

Bitcoin has become the equivalent of gold: Cryptocurrency is used to reduce risks

In the last month, the cost of the main digital coin moved along the same trajectory as the price of the precious metal.

This summer, the correlation of Bitcoin and gold peaked from 2016, which suggests that the cryptocurrency is starting to respond to external factors, said eToro analyst Mati Greenspan. In his opinion, the growth of digital currencies and precious metals was caused by the Fed policy, in particular, the emergence of information about plans to reduce the base rate.

 

“Bitcoin and gold moving in lockstep over the last month.”, writes Greenspan.

In June, investments grew not only in gold, but also in Bitcoin, which may indicate that investors are using a new way to save their money. Such dynamics show that the cryptocurrency has begun to integrate into the global financial system.

About Shawn Morrison 255 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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