Gold Is the Top Safe Haven Asset, but Here’s Why Bitcoin Has Appeal

Analyst, Chris Mancini claims governments are increasingly turning to gold, and not Bitcoin, in order to hedge against economic uncertainty. Motivated by geopolitical wranglings, as well as a desire to reduce dollar reliance, the Chinese and Russian central banks are driving demand for gold. Is Bitcoin now out of the picture?

Gold Trumps Bitcoin

In a Kitco News interview, Analyst at Gabelli Gold Fund, Chris Mancini said that gold is the ultimate power move during times of uncertainty, and not Bitcoin, as evidenced by government actions. He said:

“the Chinese and Russian central banks have been buying gold. What they’ve been doing is selling dollars, selling [US] treasuries, and buying gold.”

Mancini breaks this down further by talking about the political tensions with the US:

“It’s really hard to imagine a scenario where they want to lend, the Russian government, or the Chinese government, wants to lend to the United States. So they’re buying gold. So in a similar…