Bitcoin may become a form of digital gold eventually but does not possess the same safe-haven characteristics: Julius Baer’s Carsten Menke
Julius Baer’s Carsten Menke believes the recent rebound in gold and silver prices is lasting longer than expected.”Real US bond yields are approaching record lows again, pushing gold and silver prices back above $1,800 and $24 per ounce levels respectively,” he said.
“We still see this as a temporary rebound as the drivers behind lower real yields should reverse. Any rebound in gold and silver prices that is not backed by safe-haven seekers should reverse sooner or later, as long as global growth remains in recovery mode,” Menke said.
“While the absence of safe-haven seekers in the gold market is remarkable, we struggle to follow the idea that they are switching to Bitcoin… Bitcoin may become a form of digital gold eventually due to its constraint supply, but it does not (yet) possess the same safe-haven…