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Is Bitcoin the New Gold?

We put gold and cryptocurrencies through their paces and look at central banks' attempts to move into the world of digital assets

James Gard 06 July, 2021 | 8:00
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golden Bitcoin image

Our relationship with the money we earn, spend and save is changing rapidly. Shops are refusing to accept cash, inflation is rising, cryptocurrencies are gaining momentum and governments across the world have mountains of debt. This month, central America country El Salvador even started accepting Bitcoin as legal tender. Meanwhile, the Bank of England is considering launching its own digital currency, dubbed "Britcoin".

In times of financial stress, historically investors have bought gold - a store of value and means of exchange for thousands of years. But does the precious metal still serve its purpose as an investment insurance policy? Crypto enthusiasts claim that Bitcoin is the new “digital gold”, a modern currency and investment for the technological age. Let's take a look: 

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About Author

James Gard  is content editor for Morningstar.co.uk

 

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