Note from the CEO: We at FintekNews made the case several months ago that gold IS the new safe haven replacing/rivaling gold as a flight to safety. Well, it seems that thought has caught on been passed around and now CNBC has picked it up. That’s either really good (and validation for us) OR the reason bitcoin dropped today. You know we had to write this.
Rather than “re-discuss” all the reasons for bitcoin to rival gold, take a few moments to read the article and watch the video. It is really spot on.
“With economic and geopolitical risks on the rise, bitcoin boosters are championing the ability of their crypto-currency, which hit an all-time high this week, to rival gold as a safe-haven play.
“When the existing money system has problems, people turn to bitcoin sort of like people used to go to gold in the old days,” Bobby Lee, co-founder and CEO of bitcoin exchange BTCC, told CNBC’s “Squawk Box” on Wednesday.
“Gold is very attractive in the old days. It’s something physical, tangible. It’s got this nice gold-color luster,” he said, but added, “You can’t actually buy and sell gold at night on your desk, at home. With bitcoin, you could do that. It trades 24/7.”
Bitcoin has been on a steady march higher for the past few months, hitting an all-time high this week. In early Asia trade on Thursday, bitcoin was trading around $1,131.17, slightly off the all-time high of $1,141.16, according to trading platform Coindesk.
It climbed 122 percent in 2016.”
See Article & Video at CNBC.com