Wall Street giant Bernstein questioned investors’ preference for gold over Bitcoin (BTC) and compared it to a “faster horse” for Bitcoin than gold.
Bernstein In the latest report released by analysts, bitcoin And gold Investors who prefer gold do not prefer Bitcoin when comparing illogical described as.
Investors, especially With the US banking crisis In the panic environment, gold has been shifting its assets to Bitcoin and gold, which is considered a safe haven, since the beginning of the year. 11%, Bitcoin during the same time 80% rose around.
Analysts, who set off exactly from this context, “a faster horse” while comparing it, investors should defend gold and stay away from Bitcoin. “hating a faster horse” explained as:
If you love gold, you must love Bitcoin even more. Gold and Bitcoin correlation increases during times of crisis. When there is a massive monetary depreciation, both Bitcoin and gold rally while Bitcoin outperforms gold.
Analysts, although some investors into a new cycle Although there is a belief that he entered unreal He stressed what he found. In the report, it was stated that if the dollar and macroeconomic structure started to give positive signals, these positive winds for gold and Bitcoin could lose strength:
We see that there is a limited belief that this rise in the market is a structurally new Bitcoin cycle and that Bitcoin will see new allocations. We find this idea somewhat unrealistic.
According to CoinGecko data, in the last 24 hours 6.6% rising Bitcoin, at the time of writing at $30,137 is being traded.