It’s been revealed that digital assets are still winners despite the tragic collapse that we’ve been seeing in the crypto market. Bitcoin seems to be still a winner compared to gold in certain market conditions, an important analyst says.
Check out the latest reports below.
Bitcoin vs. gold
Billionaire investor Stanley Druckenmiller addressed the fact that he thinks it’s smart to own Bitcoin (BTC) and when he thinks it’s better to own gold.
While speaking at a recent Sohn Conference panel, the former president of venture capital firm Duquesne Capital said that the financial markets can take two routes moving forward.
According to Druckenmiller, it’s either policy-makers return to adopting loose monetary policies and start a bull market underpinned by inflation or they continue with their current path of creating a bearish environment that could destroy demand in an effort to tame inflation.
Druckenmiller explained the following:
“If you believe we’re going to have irresponsible monetary policy and inflation going forward, if it’s in a bull phase, you want to own Bitcoin, but if it’s in a bear phase for other assets, you want to own gold.”
The billionaire made sure to explain the fact that 85% of that strategy is based on what he’s observed of each asset’s market behaviors, and the other 15% is based on the type of investor that prefers each asset.
“Over-the-counter, FAANG-type investors, if they believe in inflation and they tend to be younger, they want to play Bitcoin. Old curmudgeons that that secretly want the world to fall apart, they don’t own Bitcoin. They own gold.”
Binance resumes Bitcoin withdrawals
The crypto market fell in a way that has not been seen since December 2020, and amidst the massive fear and uncertainty, Binance revealed the other day that it is pausing all Bitcoin withdrawals, triggering more panic.
In an official post, the important crypto exchange said that it’s pausing BTC withdrawals due to a set of pending transactions that have gotten stuck and stalled the queue.
