Australia’s Newcrest Wants Crypto Investors to get Some Gold

By Ibiam Wayas February 12, 2021 In Australia, Bitcoin, Crypto News, Gold

As digital currencies continue to increase in value, they keep attracting the attention of many investors, than in other traditional assets. One of the executives at the Australian largest gold mining company, Newcrest, opined today that the growing value of cryptocurrencies should be the more reason investors should consider having other assets like Gold. This statement comes due to the high volatility of cryptocurrencies like Bitcoin (BTC).

Newcrest Suggests you Should Hold Some Gold

The largest cryptocurrency, for instance, has surged significantly since the start of the year. Just some days ago, BTC reached another all-time high (ATH) in value at over US$47,000. Other popular alternative coins like Ether (ETH), Polkadot (DOT), Binance Coin (BNB), etc., reached a new high in market value this year. However, these cryptocurrencies are all trading slightly below the ATH price.

But as the cryptocurrency market keeps growing, Sandeep Biswas, the CEO of Newcrest Mining Ltd, told Bloomberg TV that digital currency investors should consider getting some of the age-old haven assets to protect their capital/profit from the high volatility in cryptocurrencies. “If you’re into cryptos, you want to consider having some gold. […] “may act as a bit of a hedge against the volatility of cryptos,” Biswas commented.

The CEO added that Gold is a different class of investment from cryptocurrencies and would benefit investors since it’s a more stable asset. “It’s a tangible asset: you can see it, you can touch it, you can feel it, you can mold it, you can make it into jewelry, whatever you want,” he further noted.


Crypto and Gold can Co-exist

Biswas’ statement somewhat indicates that cryptocurrencies can co-exist with Gold. Many people think that the growth in the crypto market might pinch demand from Gold. However, companies like Goldman Sachs Group Inc. had noted that the traditional assets would continue to maintain their stand in the market. At press time, Bitcoin was trading at US$45,125 on Coinmarketcap, while an ounce of Gold traded at US$1,850.

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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