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    Home » Mark Kyuban: Bitcoin has a limited supply, and

    Mark Kyuban: Bitcoin has a limited supply, and

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    By BlockchainJournal on August 11, 2019 News
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    will continue to mine gold

    American entrepreneur and billionaire Mark Cuban in a conversation with Kitco News highlighted some of the advantages of bitcoin over gold.

    “I hate gold. Gold is a religion , said Kuban. “ I do not see an alternative to currency in it.”

    However, he said, the precious metal has "some fundamental value." Similar to gold and bitcoin, the price of these assets depends entirely on the ratio of supply and demand. Nevertheless, the investor is sure that there is still an important difference between them:

    “The good news about Bitcoin is its limited offer. The bad news about gold is that it will continue to be mined. ”

    Kyuban also gave advice to novice investors – before investing in anything, it is better to first pay off the debts:

    “The best investment you can make is to pay off credit card debt, pay off your other obligations. If you have a student loan at a rate of 7%, if you repay it, then you get 7% and this is your immediate income. This is much safer than choosing stocks, real estate, whatever. ”

    Is Bitcoin becoming a defensive asset?

    According to the observations of CoinDesk analyst Omkar Godbow, since the beginning of the month, the first cryptocurrency has grown several times faster than gold, which jumped in price above $ 1400 immediately after the news about the introduction of new duties on Chinese goods by the United States.

    Global tensions increased even more after the devaluation of the Chinese yuan , which fell to the 2008 level. Against this background, gold updated the high of 2019 at around $ 1,510, while the more risky S&P 500 index fell to $ 2822.

    At the same time, bitcoin was growing almost synchronously with the precious metal, reaching on Tuesday, August 6, the mark of $ 12 325:

    Daily charts BTC / USD and gold from TradingView

    Godbowle also noted that the recent rise in the leading cryptocurrency coincided with a sharp increase in the VIX “fear index”:

    TradingView BTC / USD and VIX daily charts

    This, the analyst is sure, is one more confirmation that BTC is increasingly viewed by investors as a kind of "safe haven" in times of global instability.

    CNBC's Crypto Trader host Ran Neuner said Bitcoin will eventually replace gold as a protective asset. Also, according to his observations, both assets grow together during periods of turbulence in world markets.

    This is playing out perfectly. Gold and Bitcoin up as markets tumble. Yesterday equities recovered and BTC pulled back. Bitcoin is being accepted new safe haven.

    It's a matter of time befor it replaces gold. pic.twitter.com/qCojZJsgvR

    – Ran NeuNer (@cryptomanran) August 7, 2019

    Recall, recently, analysts at Grayscale Investments recommended market participants to include bitcoin in long-term investment portfolios. In particular, experts noted the significant potential of BTC as a means of maintaining value and a payment instrument that can manifest itself in full against the background of the usual cyclical fluctuations of the economy, and during periods of liquidity crisis.

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