As per the latest reports, Evolution Mining’s CEO, Jake Klein has made a statement in regards to Bitcoin (BTC), supporting Gold’s position in the market. Klein has claimed that Bitcoin has continued proving to be a very volatile asset.
Over the course of time, it has continued doing so, which as an investment asset, is not very attractive for investors.
On the other hand, gold is very stable and almost free from volatility, making it an extremely attractive asset among investors. This is the reason why Bitcoin is helping gold as more investors have started moving towards its platform.
Evolution Mining is a gold mining establishment that is based in Australia. It is currently one of the largest establishments when it comes to gold mining and has been in business for a very long time. Therefore, any claims coming from this establishment have a lot of weight in the investments market.
Klein reportedly shared his thoughts around Bitcoin during an interview at one of the channels on Thursday, August 19, 2021. During the interview, Klein talked about Bitcoin and what it still lacks to offer its investors.
He stated that despite being in the market for over a year, Bitcoin is still struggling to become a stable investment asset. However, it is still facing a lot of difficulties with that, which is apparent from its performance since the start of 2021.
He added that security-wise, Bitcoin still needs to prove that it is as safe and secure as other investment assets such as gold or other assets.
Klein also added that even if they look at it as a hedge investment asset, it needs to be a lot more stable until it can be considered one. It is true that according to value, Bitcoin has gained a lot more worth and magnitude in a matter of 12 years. Still, Bitcoin needs a lot of time to come to gold’s level.
Klein added that no matter how much Bitcoin or other cryptocurrencies grow in value, they would also remain speculative. As long as the volatility factor clings on to the cryptocurrency assets, they would always be considered second-class investment options.
With time, the investors are growing impatient as the inflation is also growing higher with every passing day. Therefore, investors would prefer moving to assets that are supreme when it comes to being safe for hedge funds. This is the reason why people are moving towards gold and are leaving Bitcoin.
He stated that there was a time when people were moving towards Bitcoin in abundance and in large groups. However, as the situation has become clearer and they have experienced its trades personally, they have started moving back to gold.