Can Bitcoin Replace Gold As Modern-Day Safe Haven?

SourceAl Bawaba
SectorFinancial Markets

  Bitcoin continues its upward spiral and investors are now choosing between gold and bitcoin as an option to hedge their risk in the safe-haven assets. Currently, the virtual currency is quoted around $10,629 and has been competing with the yellow metal. Endorsing the trend, Nigel Green, chief executive and founder of deVere Group, said Bitcoin will replace gold as the ultimate financial safe haven within a generation. "Growing geopolitical uncertainty, including Brexit and the US presidential election, and central banks' historic money printing policies, amongst other issues, are prompting many investors to urgently rebalance their portfolios," he said. For thousands of years, he said gold has been the ultimate financial safe haven and has always been the go-to asset in times of political, social and economic uncertainty as it is expected to retain more...