Ongoing Uncertainty Cements Gold’s Safe Haven Role Over Crypto

May 3, 2022 14:31:34

As inflation continues to rise, it is becoming increasingly evident that precious metals such as gold are a better hedge against inflation in comparison to cryptocurrencies. The price of gold is up almost 5%, going at about $1,900 per ounce. Meanwhile, the price of Bitcoin has dropped by more than 15% this year, with other cryptocurrencies such as dogecoin, solana and ethereum also declining sharply.

In a recently released report, Swissquote analyst Ipek Ozkardeskaya stated that cryptocurrencies traded parallel to…

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