Bitcoin versus Gold: See the outlook amid COVID-19

The cryptocurrency Bitcoin has been recognised the best asset classes after the outbreak of COVID-19. With returns of nearly 160 percent since April, the crypto currency has outperformed equities and even gold. According to Crypto Compare data by 9 November, bitcoin hit the USD16,000 level, indicating that the believers of crypto-currency are flocking to it during an economic downturn.

Gold, the traditional safe-haven asset, besides the US dollar, has gained nearly 30 percent this year and hit new all-time highs in August, both in the international and domestic markets.

Gold and bitcoin have two comparisons, their supply is scarce and they are not linked to any government (or economy), which could have been a factor for the crypto currency’s surge in value. However, unlike gold, cryptocurrencies are not recognized or regulated by many major economies of the world, including India.

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