Published On: Thu, Feb 1st, 2018

World Gold Council Says Bitcoin Could ‘Undermine’ Central Banks

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The World Gold Council claims Bitcoin—commonly referred to as “digital gold”—will never be as good as the real deal while admitting it could “undermine the tools used by the Fed and other central banks to influence the economy.”
In its January 2018 investment update, the World Gold Council acknowledges Bitcoin’s vastly superior 13-fold increase when compared to gold’s very respectable 13% gains in 2017.

Nevertheless, it defends gold as a more advantageous investment—while citing cryptocurrencies as too risky.
Cryptocurrencies may become an established part of the financial system. But, in our view, gold is very different from cryptocurrencies, as gold: is less volatile, has a more liquid market, trades in an established regulatory framework, has a well understood role in an investment portfolio, [and] has little overlap with cryptocurrencies on many sources of demand and supply.
The report also comes at a time when the price of Bitcoin has seen a sharp correction, following an impressive run-up and subsequent worries of strict regulation in South Korea and India.
It is also worth noting that the World Gold Council’s stated purpose is & …

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