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Russia and China Are Buying Gold, Not Bitcoin: Gabelli Analyst

  • Alex Dovbnya
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    Chris Mancini claims that the world's governments will turn to gold instead of Bitcoin in case of an economic crisis

Russia and China Are Buying Gold, Not Bitcoin: Gabelli Analyst
Cover image via www.123rf.com

Chris Mancini, the analyst of Gabelli Gold Funds, hasn't changed his stance on Bitcoin. In his latest interview with Kitco, he claims that gold, not its digital competitor, will be used as a hedge currency in case of a potential economic crisis.  

"The Russian government, the Chinese government are buying gold. They are not buying Bitcoin. That's the ultimate play. That the ultimate currency. That's what the governments are going to tie their currencies to if and when something really bad happens."           

During his previous appearance on Kitco that took place in June, Mancini called the top cryptocurrency "corrupted." He particularly lambasted BTC's controversial forks (Bitcoin Cash and Bitcoin SV) that are allegedly the source of this corruption. 

Meanwhile, he called gold "the creation of God," which drew the ire of many cryptocurrency proponents on social media. Crypto influencer Max Keiser, who has been silent on Twitter as of recently, pointed out back in the day that the above-mentioned title actually belonged to Bitcoin, not the shiny yellow metal. 

Anonymous crypto analyst Plan B recently pointed out that Bitcoin could fix the growing forgery crisis in the gold industry. Meanwhile, one can easily avoid Bitcoin Cash and Bitcoin SV because they are labeled as forks.         

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Bitcoin Price Will Surpass $20,000 Within the Next Year if It Continues to Follow Gold’s Market Cycles: Expert

The Bitcoin vs. gold debate has reignited in 2019 in the light of Grayscale's "Drop Gold" campaign, which highlights how inefficient it would be to accumulate gold bars and coins. 

While gold is outdated, its digital version is too volatile to become a viable replacement. Peter Schiff of Euro Pacific Capital recently predicted that the price of Bitcoin could soon drop below the $2,000 level due to a bearish chart formation. 

 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an 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.

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Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester

  • Alex Dovbnya
    📰 News

    Tuur Demeester wants you to buy the dip as Bitcoin touches the support of its parabolic uptrend for the first time since March

Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Tuur Demeester of Adamant Capital has just taken to Twitter to calm down Bitcoin enthusiasts who might have been swayed by incredibly bearish sentiment on crypto Twitter. 

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Bitcoin recently dropped to $6,800, its lowest level since early May. However, Demeester apparently sees this as yet another opportunity to buy the dip. He states that top coin's parabolic uptrend that started at the beginning of 2015 hasn't been violated. However, Bitcoin has tapped support for the first time since March when Bitcoin was trading well below $4,000. 

Shortly after printing a huge red candle on the logarithmic chart, the Bitcoin price spiked by 20 percent on Apr. 2, which started the coin's massive run to $13,700. 

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Crypto Analyst Doesn't Expect Bitcoin Price to Repeat Past Halvenings

Crypto Analyst Doesn't Expect Bitcoin Price to Repeat Past Halvenings

As of now, BTC is down by nearly 50 percent from its yearly high, but this might not be the end of the nightmare for Bitcoin bulls. According to trading exert Josh Rager, the crypto king could plunge below the $7,000 level again after a fakeout to the $7,500 range. 

Gold bug Peter Schiff recently predicted that BTC could collapse to $10,000 level after competing the head-and-shoulders pattern.  

At the time of writing, BTC is sitting $7,313, CoinStats data shows. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an 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.

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