Sandeep Biswas, CEO of Newcrest Mining, thinks crypto investors should consider buying gold to protect themselves against the extremely volatile prices of cryptocurrencies like Bitcoin (BTC).
Emphasizing that gold fluctuates less than cryptocurrencies, Biswas said, “If you are investing in crypto, you should consider buying some gold.”
The CEO said gold is a different investment class. “Gold is a tangible entity: You can see, touch, feel, process, turn into jewelry, do whatever you want.”
Biswas touched on the rare nature of gold: “While gold is scarce, we see cryptocurrencies proliferating everywhere.”
Newcrest’s CEO said the overall trend in gold prices remains strong despite global inflation.
While Biswas made these statements, the volatility in the crypto markets increased. BTC, which broke a record by reaching $ 48,000 on February 9, then fell to $ 45,000 by experiencing a correction. Bitcoin’s annual fluctuation also increased with the price, reaching levels similar to the crash experienced in March last year. BTC had crashed from $ 9,000 to $ 5,200 in its days in March 2020.
Gold, on the other hand, continues to rise with the expectation that the new stimulus package of the USA will weaken the dollar. Gold, which has increased by around 0.1 percent in the last 24 hours, is being traded at $ 1,842 as of the time of translation publication.