Most of us probably know somebody who has bought Bitcoin and burnt their fingers in the process. Just think of the local MTI scam that was recently crowned as the biggest crypto swindle in the world.
Cryptocurrencies are digital or virtual currencies that are secured through cryptography, which makes it almost impossible to counterfeit. These currencies are based on blockchain technology running on decentralized computer networks.
Elon Musk’s Tesla recently announced that the company has invested $1.5bn in Bitcoin and that it would now accept the cryptocurrency as legal tender. Visa also recently indicated that cryptocurrencies would be playing a bigger role in its business dealings.
Buying gold in times of uncertainty has always been the traditional way of hedging a portfolio. After all, it serves as protection against inflation. Bitcoin recently hit a high of $50 000/unit, compared with the price of gold, which has struggled to break through the level of $1 900 an ounce. The point of separation between Bitcoin and gold was reached as early as November last year and proved that Bitcoin was the better choice.
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