A former Goldman Sachs trader has noticed an interesting phenomenon. He believes that wealthy investors in the market today are buying both Bitcoins (BTC) and gold. Importantly, however, they treat both assets similarly. They are safe havens for them. So is the cryptocurrency proponents' dream coming true? The richest vs. bitcoin In an interview with Kitco News, DrawBridge Lending CEO and former Goldman employee Jason Urban said he notes that the wealthiest investors today are buying BTC and gold and treating both assets almost the same. - As someone who trades in the institutional space [I see that], the same people I see buying gold and other precious metals are also buying Bitcoins and doing so simultaneously and now in equal amounts, he said. Why is this happening? In his opinion, it's a result of the fact that they also treat BTC as something that can help preserve the value of their savings. He himself acts similarly. - I am taking a defensive stance because what we are seeing now is really unprecedented (...)... I like traditional inflation hedges like precious metals gold, silver, but I also like new alternatives like Bitcoin and other digital assets, he added. - I think the most important thing is to look at a fixed, finite supply similar to the gold market. Its scarcity is similar, so for that reason there is no party or government actively working to devalue it, he said. The price has a right to be volatile A lot of people think that cryptocurrency is not a safe haven by the volatility of the price. Urban takes a different view. He adds that the price of BTC can be so volatile and it is not a disadvantage. He believes that this one "can certainly go down, but it can certainly also go up, so if you normalize that and just look at the traditional characteristics of this asset in terms of a constant, finite supply, certainly [Bitcoin] has a lot of the same characteristics as gold." - Being more volatile is one of the areas where [Bitcoin] differs [from gold], but if it was exactly like gold, it wouldn't be needed," he commented on the thought. Tags bitcoin bitcoin price bitcoin exchange rate
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