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156 shares, 369 points

Sprott CEO Peter Grosskopf points out the way to rise to Bitcoin gold as investors seek inflation hedges. According to the precious metals fund manager, although Bitcoin continues to display an attractive momentum game with fiyadollarsar trading just below last week’s all-time highs, gold investors should not view the cryptocurrency as a competitor. Analyst’s detailed comments Cryptocoin. com

at .

Is gold at the expected level?

Peter Grosskopf, CEO of Sprott Inc, said that instead of competition, Bitcoin should be seen as an inspiration for gold’s untapped potential in the growing digital market. Bitcoin has seen unprecedented growth as investors and consumers seek new assets to protect their servicedollar series and their purchasing power. Last week, the digital currency broke a new record with over $66,000 per token. Bitcoin is currently trading at $62,000 per token. Grosskopf said, “There is a reason Bitcoin has hit record highs, and that is because there is a counter bet against fiat currencies. People are starting to question the Federal Reserve and question the inflation picture. “They understand that they need to hedge the US dollar risk,” he said.

Meanwhile, the gold market is struggling to attract investor demand as prices remain below $1,800 an ounce. “Bitcoin is winning the streaming war,” Grosskopf said. No doubt. This hurt gold in the short run, but in the long run both are going to the same place,” he said. While Bitcoin is gaining some momentum from gold, Grosskopf said he is excited that the cryptocurrency’s market cap has soared to $2 trillion and is competing with gold. He added that this is a sign that investors are looking for alternative currencies. Analyst: “When I look at Bitcoin, I see investors pulling $2 trillion from fiat currencies and I love it. “It just shows what kind of potential gold has,” he said.

Is it an alternative to Bitcoin?

Grosskopf said that if gold wants to compete with the digital market, it must go digital itself. He added that the gold market is probably about two years away from having a digital asset with enough critical strengths to sustain itself. Expert: “I think most of the technology needed to make gold digital has been taken for granted. “I hope that gold will eventually go digital and this will create many new users and investors.” In the same way that gold-backed exchange-traded products opened up the market for smaller individual investors in the early 2000s, Grosskopf said a digital marketplace would create new opportunities among average consumers.

With more than $18 billion in assets under management, Sprott has not sat quietly on the fringes of this new digital revolution. The firm has invested in a variety of digital projects, including Glint Pay, a credit card that allows users to keep their balance in gold. The firm was also an early backer of Tradewind Markets, which created the first digital gold exchange and allowed investors to buy fractional ounces of gold. Sprott said the technology is available and now commercial bullion banks must be involved in creating the critical mass needed for these digital markets.


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