Will cryptocurrencies replace gold?

Bitcoin's recent growth has been linked to institutional investment. As soon as large investors left the stable "harbor" of gold, the price of bitcoin hit a record.

There is a debate among Wall Street analysts over whether cryptocurrency can compete with gold?

And will it become a hedge against inflation and a portfolio diversifier?

Even if large investors start pouring a small part of their assets into cryptocurrencies. This event will change the diversification strategy on Wall Street.

According to analysts at JPMORGAN Chase & Co, large investors transferred 93 tons of gold in dollars worth about $ 5 billion for further purchases of cryptocurrency.

According to CoinShares analysts, the cryptocurrency capitalization is 3.1% of the size of gold. If the capitalization is increased to 5%, then the price of bitcoin can double, up to $ 32,000.

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