Bitcoin (BTC) Is Similar to Gold (XAU), Says CME Group CEO Terry Duffy

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Tue, 02/04/2020 - 11:58
Alex Dovbnya
Terry Duffy, the CEO of CME Group, draws parallels between Bitcoin (BTC) and gold (XAU)
Cover image via en.wikipedia.org
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CME Group CEO Terry Duffy recently made an appearance on CNBC's 'Closing Bell' where he strengthened Bitcoin's 'digital gold' narrative by comparing it to the lustrous metal. 

"People are using Bitcoin a lot like they are using gold today, and I think it is a bit of a safe haven."

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Bitcoin acts as a safe-haven asset    

Duffy pointed to the fact that Bitcoin had been trading in the $7,000 area for a long time before surging back above $9,000 to its highest level in three months. This proves that it's now seen as a safe-haven asset.  

As reported by U.Today, Bitcoin's rally in January was driven by the US-Iran military confrontation as well as the coronavirus outbreak in China. Speaking of the latter, deVere Group CEO Nigel Green recently directly linked Bitcoin's price action to the fast-spreading epidemic. 

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Bitcoin Will Suffer If ‘China Coin’ Gets Backed by Gold – Peter Schiff Responds to Max Keiser

CME touts its Bitcoin success

During the interview, Duffy also mentioned that they were seeing "more and more" people participate in Bitcoin. 

On Jan. 13, CME Group launched Bitcoin options and recorded decent trading numbers from the get-go. Duffy said that they were starting to get "a little bit of interest there."  

CME Group launched Bitcoin futures after its next-door rival Cboe on Dec. 17, 2017, which coincided with the end of the previous bull market.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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