Gold takes a plunge and Crypto may be to blame
Jim Crammer believes that gold’s plunge is due to people’s investing in Crypto.
On Friday, gold saw a sharp decrease in its price while Bitcoin and altcoins were on a bullish trend. This rise may be reason enough to believe that people have migrated from gold to crypto trading said Jim Crammer, the host of CNBC’s Mad Money.
Jim Crammer believes that market either all the money is being invested in crypto or the market is not as chaotic as it seems:
While gold hit as low as $1,852.50 per troy ounce, Bitcoin set a new ATH of $41K. Crammer himself bought BTC back in December at a rate lower than 18K and said that:
"I will buy — like I usually do — as something comes down. [...] I’m going to diversify into some Bitcoin — not a big position for me — but it's certainly important to be diversified, and Bitcoin is an asset and I want to have a balance of assets."
Considering the BTC price, if Cramer had his Bitcoin to this day, he has made a great profit. Bitcoin is worth 20 ounces of gold while this number was 15 last week. Bitcoin’s digital gold narrative, according to JPMorgan Chase, is driving people away from precious metals as suggested in a recent analysis, therefore one might say this idea of Bitcoin taking gold’s market share is not really new.
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