I don’t think bitcoin and gold are comparable; they are different propositions, said PR Somasundaram, MD-India of World Gold Council, on Thursday.
Speaking in an interview to CNBC-TV18, he said, “Gold is a very tested investment. Bitcoin is still new, it is speculative. Gold is a great asset to derisk your portfolio. So I don’t think that (bitcoin) is an issue for gold.”
“As things stand out, everything seems to be much better than 2020 and if Q4 is an indication, we should see 2021, which will be a big rebound for gold in India,” said Somasundaram.
Bitcoin fell sharply on Wednesday, briefly slipping below the $30,000 mark for the first time in five days, amid a broad risk-off move in global financial markets.
Meanwhile, as per Reuters, gold prices fell on Thursday as investors flocked to the safety of the dollar after global equity markets slipped and the Federal Reserve raised concerns about the pace of economic recovery in the United States.
For the full interview, watch the video