Gold also tends to be an easier consumer compared to other beaten asset classes. While bitcoin area 51, put simply, is gold, gold bullion tends to have a bit of an odor of European spices. Traders are looking at gold as a safe-haven investment when times are good and gold-based risk/reward (bullish) assets are likely to be more favorable relative to their safe-haven counterparts as the asset starts losing steam. The key barometer has been the entry of investors and analysts alike into bitcoin. Several investors have been bullish on bitcoin in recent weeks due to fear of missing out (FOMO) as on converting any bitcoin into other reserves. With inflationary risks rising, investors have become more confident in bitcoin.
Warren Buffett is famous for saying, “Bitcoin ain’t gold. ” In the words of the great American inventor John Adams, “The last time I looked at gold, it had no value, and in 1867 it had…golden longer, so I need gold at all times. ” We are positive that gold is currently in a downtrend and in 2019 the trend appears to be one of correction periods.