Chris Mancini, the analyst of Gabelli Gold Funds in an interview with Kitco, said that countries like Russia and China are buying gold and not its digital competitor. He claims that countries would rely on gold in the time of the financial crisis.
He said governments are going to tie their currencies to gold if and when something really bad happens to the economy. Previously, Mancini called the leading cryptocurrency “corrupted” and the gold creation of the god. However, many from the crypto community, including Crypto influencer Max Keiser pointed out that the title “creation of the God” actually belonged to bitcoin and not gold.
Disagree. #Bitcoin is every bit a creation of God.
BTC mines our collective unconscious per a self-aware protocol with its roots going back to the origins of our universe. #fact https://t.co/HVAKbtB6iu
— Max Keiser, tweet poet. (@maxkeiser) June 5, 2019
The debate between gold and its digital competitor has reignited this year. Several analysts have claimed that bitcoin is better than gold as it has a bright future, and returns could surpass that of gold. On the other hand, some have dismissed bitcoin entirely for being too volatile.
