The world’s largest cryptocurrency by market capitalization, bitcoin, is diminishing the store value of gold, RT’s Max Keiser has said. He believes that bullion prices may drop sharply as the metal loses investment allure.
“Gold will be trading more for its value as jewelry, ornamentation or may be some electronic use,” the veteran host said on the latest episode of his show, adding that the price of gold could fall to just $200 or $300 an ounce instead of the current $1,800. “Gold is the new aluminum.”
He further compared the yellow metal to silver, noting that the latter has lost its status as a monetary metal. At the same time, bitcoin, has become the “new gold,” he says.
Bitcoin has been drawing investors’ interest over the past few week as it returned to a blockbuster rally last seen in 2017, when the cryptocurrency reached its all-time high. While bitcoin has not still beaten its own record, it came pretty close earlier this week before partly losing some of the recent gains and was trading slightly above $18,100 on Sunday.
As many investors are now trying to predict the price target for the most popular cryptocurrency, Max Keiser recalls that he once said that it could reach $100,000. Now its price target can be put as high as $400,000, he says, adding that in the meantime gold could be cut in half.
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