Is it time to swap your bitcoin for gold?

Analysts and commentators are watching the bitcoin sell-off very closely it has been a big fall from grace (42% from the high). Some of the crypto supporters are holding through this time and some could call them investors that are willing to hold in the bad times. Traders are sometimes more in and out of the markets on a shorter-term basis and try and follow the flow slightly more. Whatever category you are in this has been a very interesting and volatile asset.

Societe Generale says that some individuals and companies are promoting bitcoin like it should be part of every portfolio. Some even allege that it is one of the most important assets a person could garner, but the firm is saying otherwise. Societe Generale says that bitcoin’s place in any portfolio is “highly contested,” and still recommends that traders devote most of their attention to precious metals like gold.

The report says says "It comes as no surprise that the place of bitcoin in any investment portfolio remains highly contested, precisely because of its erratic price movements". Alain Bokobza and Arthur Van Slooten said in a recent interview that investors should likely follow gold more often than they do BTC. While both assets are similar, they said that gold was a better stabilizer for one’s portfolio and would likely be less volatile.

The CEO of a gold mining company Barrick Gold believes cryptocurrencies can be made out of thin air while no one can just print new gold into existence. Mark Bristow (Barrick CEO) criticized the cryptocurrency space following the latest substantial price crash. He asserted that no one can just print gold, which was not the case with digital assets, and questioned their store of value status. He added, “Cryptocurrencies and the other competing options have forced us to realize we need to work harder to create a fungible [option that] allows every person in the world to use it to pay for things.”.