Cryptocurrency Is Here to Stay - Bitcoin Could Replace Gold
The recent explosion of cryptocurrencies has been in the spotlight for mainstream media, indicating the beginning of the next bull run cycle. The global cryptocurrency market has risen by nearly $100 billion during the past week, as the price of Bitcoin is near at all-time high, currently trading at $19,310.
It has been also a wild ride amongst other major cryptocurrencies like Ethereum (ETH), Ripple (XRP) and Litecoin (LTC). This extreme market movement is initiated by early institutional investors with hedge funds managers as a safe haven assets during times of economic turmoil. As the US dollar and many other fiat currencies has weakened, more and more investors are turning to cryptocurrencies against inflation.
According to Blackrock's Chief Investment Officer, Rick Rieder, Bitcoin is a durable mechanism that could replace gold. Blackrock is the world largest asset manager, whose lead in the cryptocurrency space could leave significant impact on the crypto market.
However, not only Blackrock's Chief Investment Officer sees Bitcoin as a better investment compared to gold. JPMorgan has highlighted evidence that institutional investors move to Bitcoin from gold ETFs.
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