The dramatic surge in the value of Bitcoin has put cryptocurrency on the map in the investment space amid COVID-19. What is your take on the ongoing gold vs bitcoin debate?
• Bitcoin seems to be challenging the safe-haven status of gold, which has been long considered as a ready-to-own asset when fiat currencies are being devalued.
• While the yellow metal generated a decent return of 25% in 2020, Bitcoin delivered a greater-than-expected return of over 290% last year.
• The COVID-19-driven uncertainty seems to have set a perfect stage for ‘Bitcoin boom’ amidst investors rush for safe haven assets.
• The price of the beloved cryptocurrency surpassed USD 63,000 in early April 2021, coinciding with the stock market debut of Coinbase on NASDAQ.
• Bitcoin’s unprecedented price rally over the last one year seems to be reviving investors and businesses’ interest in the cryptocurrency space.