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That is the number one question I have been asked over the last month.
It makes sense. I would say owning a little bit of gold is not a bad idea right now as nations around the world pump money into their economies.
Gold is up 16% since its recent low on March 19. That’s not bad, but it lags the S&P 500’s 19% rally.
Gold is good … but it’s not great. In fact, there is another investment option that gives you the same benefits as gold but has much bigger catalysts behind it. The biggest is outperforming both gold and the market — up 42.5% since March 19.
I believe it is a better option than gold … is more attractively valued … and has significantly higher upside potential. Let me explain.
I’m talking about cryptocurrencies versus gold.
This discussion has taken on greater urgency as nations deal with the economic impact of the COVID-19 pandemic and following bitcoin’s historic halvening event Monday. Bitcoin is the first and largest cryptocurrency that gets the most attention.
The catalysts for higher prices are similar, starting with the increasing power of central banks around the world and governments printing money in droves to counteract the pandemic’s economic toll. Between Congress and the Federal Reserve, the U.S. has committed more than $6 trillion so far … and I expect that will be closer to $10 trillion when all is said and done.
I get the need for stimulus, but there is a potential problem down the road. Printing a massive amount of money can lead to inflation and currency devaluation. If you save money in cash and other investments, you could easily watch those savings slip away, year after year.
In a dicey situation like this, you need an “insurance policy” in your back pocket. An asset class that serves up gains while others struggle.
Gold has historically been viewed as the safe haven during recessions and bear markets. Bitcoin is now also seen as a safe haven.
Major players like multi-billion-dollar hedge fund manager Paul Tudor Jones are diversifying their portfolios with bitcoin. Jones even compared bitcoin’s potential to that of gold in the 1970s, when the yellow metal rose 2,329% from 1971 to 1980 to reach $850 per ounce.
Bitcoin is clearly outperforming gold at the moment, so which is better?
Here’s my take, breaking down six critical factors …
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