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Bitcoin volatility will drive investors back to gold, says mining firm chairman

CNBC/Weizhen Tan/8-19-2021

USAGOLD note: We see the claims that investors have fled gold to buy bitcoin as way overdone. Most gold investors view bitcoin, as Evolution Mining’s Jake Klein suggests, as a speculation, not a store of value. “I think,” says Klein, “that the volatility in the crypto space is going to ultimately lead people back to gold.” In our experience, investors never left gold for bitcoin to begin with. Did crypto divert capital that might otherwise have made its way into the gold market? Perhaps. For the most part, though, buying crypto has been a separate undertaking that has little or nothing to do with hedging financial uncertainties.


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