25 Nov Analyst Falsely Claims Bitcoin Price Decline Will Spark Gold Rally
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Stephen Innes, the head of trading for the Asia Pacific region at foreign exchange (FX) trading giant Oanda, has said that the plunge in the value of bitcoin and crypto will lead to a surge in the price of gold.
In an interview, Innes said:
“There’s still a lot of people in this game. If Bitcoin collapses, if we start to see a run down toward $3,000, this thing is going to be a monster. People will be running for the exits. I don’t think coins are going to be anywhere near as attractive as some of the other cross-asset plays. Gold prices are going to jump considerably higher and there’s an inverse relationship we’re starting to see with gold and coins.”
Is Gold a Better Investment Than Bitcoin?
Since 2011, gold has consistently declined in value, from $1,800 to $1,200, by more than 33 percent. In contrast, since 2011, Bitcoin has increased from $30 to $4,200, up 13,900 percent in the past seven years.
According to Innes, an inverse…
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