Bitcoin Under Fire - Profit for Gold?

contentjunkie (73)in #bitcoin • 7 years ago

From Cointelegraph

Cryptocurrencies, especially Bitcoin, have flown a little too close to the sun recently, and it has seen them get burned by a few key monetary institutions, as well as governments. This attack on Bitcoin, as well as fear and speculation around other markets, could spell a good time for investment in gold.
Seen as an insurance policy, gold has been a steady and safe investment for hundreds of years. As markets, beyond even the crypto market, get spooked, investors could see a safety net in the precious metal.

Good time for gold
While all the attention over the last few months or so has been solely aimed at digital currencies and their astronomical gains, gold has not been suffering, although many thought it would.

Gold recently hit a new high of $1,350, and part of that was a $100 rise seen over three months for the steady commodity. It seems paltry for those who have been spoiled by swings as big as 25 percent in a day by digital currencies, but in its own right, it is a big jump.

Essentially, that jump, and new high, was reason enough for gold to be no longer considered a bear market - and all this while Bitcoin was making its own massive gains.

To me this makes a lot of sense. Bitcoin seems to have made it to the next level of adoption and awareness and with it are going to come next level hurdles and set backs as governments come to grips with the new reality. Are you diversifying any of your crypto profits from 2017 into legacy assets like gold?