I’m buying this FTSE 250 gold stock instead

When this summer began, Bitcoin was enjoying the most impressive price momentum it had seen since its remarkable 2017 run. In July, it surged above the $13,000 mark for the first time since early 2018. Since then, it has encountered volatility as concerns over new regulatory measures seemed to have spooked speculators. Of note were the disparaging comments made by Donald Trump and his Treasury Secretary Steven Mnuchin. Comments from the latter appeared to hint at future action by US regulators.

It’s a gut punch for Bitcoin bulls, as the digital currency had started to earn back its reputation as a viable safe haven. The US-China trade war, slowing global growth, and a dovish turn from central banks have combined to create an uncertain environment for investors. As it stands today, I’m not feeling great about Bitcoin’s momentum in the face of more regulatory pressure.

There is a ‘safe haven’ I feel good about targeting right now though — gold. The yellow metal has…