Bitcoin has not reached the stage of maturity to compete with gold as a safe haven asset. The CEO of gold mining company Evolution Mining, Jake Klein, said this on CNBC.
According to the top executive, the first cryptocurrency has "a long way to go" to show the "longevity and security" inherent in gold.
Klein is convinced that bitcoin's price volatility will eventually cause investors to return to gold.
According to Woobull Charts, the first cryptocurrency has an annual volatility of 9.1 times that of the base metal.
In the interview, Klein allowed the two assets to continue to coexist. He did not support the position that bitcoin threatens gold.
Recall that in May, experts at JPMorgan predicted a shift of capital from the first cryptocurrency to the precious metal amid a correction. A similar position was presented by colleagues at Societe Generale.
At the end of 2020, CoinShares analysts allowed funds to flow from gold ETFs to cryptocurrency-based funds.