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State Street: investors did not use bitcoin instead of gold

publish time:2017-11-15 00:53:47 publisher:超级数字资产交易平台
One analyst points out that bitcoin's crazy volatility - the swing range of $2000 - is one of the reasons why it can't compare with gold.

The value of bitcoin recently rocketed to nearly $8000 by some analysts speculate that it is losing interest and capital investment from gold here, while gold prices have been hovering in between the 100 day and 200 day moving average.

The value of bitcoin recently rocketed to nearly $8000 by some analysts speculate that it is losing interest and capital investment from gold here, while gold prices have been hovering in between the 100 day and 200 day moving average.
But George Milling-Stanley, the director of gold investment at State Street Global Advisors, says that theory is just a myth. "It's like a crocodile in the sewers of New York is a myth," he said, "I and many financial advisers and investors have not said they sold the gold to buy bitcoin".
Bitcoin prices have fallen for the last time, down nearly 2000 dollars, and then recovered. According to Jin Tuo (Kitco) data, bitcoin recently traded at $6539.90. At the same time, the December delivery of COMEX gold futures traded at $1278.10 / ounce.
Bitcoin is, in the end, a new speculative trend, and it may end up bad for investors, Milling-Stanley said. He likened digital money to casinos. He also said that unlike gold, bitcoin can never be a reserve of value.
"I don't want to have 100 times as much volatility as gold in my portfolio," he said. Although Milling-Stanley has no interest in digital currency, he says he is optimistic about the future of block technology. He says it has the potential to change the financial markets.
When it comes to gold prices, although the market is now hovering in a narrow range, Milling-Stanley says he believes the price breakthrough is only a matter of time. He says higher and higher global uncertainty is beginning to put pressure on the stock market, which makes gold a more attractive defensive asset.
"Gold as an effective diversification of investment still enjoys a space for one person in the portfolio, and the stock market decline because it does not have any relevance," he said, "I believe the price will return to $1350 over the beginning of the new year".