Bitcoin and Gold – Storing Value During a Financial Crisis
Experts are convinced that bitcoin just like gold are the best financial assets to invest in as the financial market suffers during this coronavirus pandemic. The effect of the pandemic still echoes in the global economy as the financial players panic about how to protect their assets.
There is data to support peaked public interest in Gold when compared to bitcoin as a financial asset. The data from Google Trends was cited by Peter Schiff to show that the interest in bitcoin is not as much Gold. Peter Schiff has always been a supporter and investor in Gold.
In a recent tweet, he showed that both Gold and bitcoin have gathered more interest recently. The interest in bitcoin and altcoins increased in current times but experienced a nose-dive as well.
Peter Schiff points out that Gold is being purchased more as bitcoin has experienced a downwind in their purchases. The crypto industry is experiencing a lot of hardship because of the global pandemic. He goes further to say that there is little or no coverage from the media. In his words he said that the media coverage, whatever little there is of why people are buying Gold, is wrong.
Protecting your assets and saving your money is best done with Gold and Peter Schiff thinks that since centralized financial institutions such as central banks are depleting the purchasing power of savers.
Google trends research shows that little trades are going on in the cryptocurrency world. The buying and selling of cryptocurrency have reduced since a lot of crypto users would rather hold considering the financial crisis that has hit the market. Compared to Gold there is no selling of much bitcoin going. Gold on the other hand, has been changing hands. For this reason, Peter Schiff feels it is safer to invest in Gold, crisis or not.
In fairness to cryptocurrencies, it is noteworthy to point out that the fact that bitcoin is not being sold as much as Gold translates to it being the most held asset by crypto traders. Gold showing higher buying interest means it is not a held asset at least not as much as cryptocurrencies.
Currently, bitcoin is experiencing a small fall in its price and it has dropped to a low of $6593 today if the data on a lot of platforms is anything to go by. The most specific price of bitcoin given by Coinmarketcap currently is $6,634 though showing an uptick which may possibly go down again although volatility and turbulence in the past 7 days have somewhat stabilized around the $5,500-$7,000 range.
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