{"id":393664,"date":"2019-08-20T11:00:47","date_gmt":"2019-08-20T11:00:47","guid":{"rendered":"https:\/\/wncen.com\/?p=393664"},"modified":"2019-08-20T10:43:46","modified_gmt":"2019-08-20T10:43:46","slug":"veteran-investor-demand-for-psycho-crypto-currencies-good-for-gold-prices","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/veteran-investor-demand-for-psycho-crypto-currencies-good-for-gold-prices\/","title":{"rendered":"Veteran Investor: Demand For \u2018Psycho Crypto Currencies\u2019 Good For Gold Prices"},"content":{"rendered":"
Bitcoin has often been compared with gold as it shares a number of similar traits. Both are safe haven assets, immune from government meddling, and both have a strong perception of scarcity. One veteran investor sees a strong demand for bitcoin and crypto assets as a bullish indicator for gold prices.<\/p>\n
In a recent Bloomberg interview<\/a>, veteran investor Mark Mobius gave a clear recommendation to buy bullion. The reasoning behind the Mobius Capital Partners founder\u2019s endorsement stems from an increasing demand for crypto currencies. He stated that accumulating \u2018hard assets\u2019 will reap long term rewards as leading central banks loosen monetary policy.<\/p>\n Mobius added that gold prices are on the up and this is not going to change, he suggested \u2018buying at any level\u2019. Last month gold prices hit a six year high and as of today are up 17 percent since the beginning of the year. The demand stems from central banks cutting interest rates and the looming threat of fiat currency devaluations.<\/p>\n In this aspect Bitcoin is exhibiting a similar behavior pattern though its gains so far this year are closer to 180 percent. This was not lost on Mobius who suggested having ten percent of an investment portfolio in gold. He also added that the rise of crypto currencies shone light on the intrinsic value of gold and how increased demand could be mirrored for precious metals.<\/p>\n \u201cYou have all these currencies, new currencies coming into play. I call them \u2018psycho currencies,\u2019 because it\u2019s a matter of faith whether you believe in Bitcoin or any of the other cyber-currencies. I think with the rise of that, there\u2019s going to be a demand for real, hard assets, and that includes gold.\u201d<\/p><\/blockquote>\n Bitcoin has often been referred to as digital gold and the argument clearly still holds weight<\/a>. Old school investors will always be wary and often threatened by any new forms of finance, hence the psycho analogy. However, old school publishers were also wary when information went digital as the internet began to infiltrate people\u2019s lives.<\/p>\n