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The case for 'digital gold' unravels as bitcoin's plunge deepens
By Akayla Gardner
Bloomberg News
Friday, January 21, 2021
The argument Bitcoin is a form of "digital gold" is falling apart.
As the largest cryptocurrency slips to $38,000, the lowest price since August, its decline in tandem with risk assets such as tech stocks is casting a shadow on a long-touted similarity to gold.
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Cryptocurrencies have plunged alongside equities in a rocky start to the year amid tighter-than-expected monetary policy, whereas gold -- often heralded as a store of value and an inflation hedge -- has steadily traded upward this month at 0.3%
Gold tends to be a low-volatility instrument, according to Steve Sosnick, chief strategist at Interactive Brokers LLC. Meanwhile, cryptocurrencies continue to demonstrate unpredictable price swings. Bitcoin has declined 17% since the start of January.
"If your premise is that you want to be buying something as a hedge against distress, boring is great," Sosnick said by phone. "Right now I'd argue that gold year-to-date is one of your best performing assets.” ...
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