CME Group’s chief economist and managing director, Bluford Putnam, recently acknowledged that Bitcoin is competing with gold as a hedge against inflation.
“Gold appears to have an emerging competitor in Bitcoin,” told Bloomberg for a video released on YouTube on Tuesday. “Given the current price range for gold, it is likely that increased production will be a feature of 2021,” he said.
Gold’s supply is less clearly defined than Bitcoin’s. Built into the asset’s code, BTC touts a set maximum limit of 21 million coins, dispersed into circulation on a steady mining schedule. Putnam mentioned this characteristic of Bitcoin in his rationale, although he also noted the coin’s volatile nature. “Please be aware, fixed supply does not mean less volatility,” he explained. “Indeed it can mean the opposite,” he said, adding: Read more…..
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