A senior analyst from Oppenheimer, American multinational investment bank, recommended investing in Bitcoin over gold. He said so despite gold’s recent steady growth.
The US Congress is still deciding whether or not to pump more stimulus from the Federal Reserves into the economy. This is in response to the major hit the USD took as a result of the pandemic. Despite the sudden surge in prices in both gold and Bitcoin, Oppenheimer is choosing the digital asset over the time-tested precious metal.
Since February, Bitcoin remained under $10,000 until this week when it smashed the threshold and headed straight for $11,000.
Recently, gold has been reassuring investors of its position as a safe haven in any economy. The metal grew by approximately 9.89% in the last 30 days and 23.66% in the last 6 months. Gold is also expected to be used by the US government and central bank as a stimulus to boost the economy.
In an interview with CNBC, the head of technical analysis at Oppenheimer, Ari Wald, said that gold is a “high momentum commodity”. That is why gold is being recommended by traditional investors globally. However, the analyst thinks “it’s worthwhile to highlight Bitcoin instead which isn’t as extended.”
The analyst believes Bitcoin has much more potential for growth than gold.
Contrarily, Michael Binger, president of Gradient Investment, believes gold is a much better way to go than crypto.