Bitcoin rallied once again and pushed back above that key level, but turmoil continues to plague the world of cryptocurrencies but fell below $10,000 this week.
- News of government regulatory crackdowns on Bitcoin and other cryptos
- Bitcoin fell below $10,000 this week
- Many high-profile investors are adivising hedging gold against the crtyptos
- Hackers gamed the system, stealing $350 million worth of cryptocurrency from the Coincheck exchange.
Bitcoin has been a savior of sorts lately, but we continue to advise a diversified approach to crypto investing in gold. Recently, Franco-Nevada president and CEO made a similar recommendation.
If you need to hedge your Bitcoin position, buy gold.
For investors looking to protect their capital, gold is the ultimate ‘risk-off’ holding. It has low to negative correlations to other investment classes. Gold can improve risk-adjusted returns within a broader portfolio.”
Original Source: https://schiffgold.com/key-gold-news/hedge-bitcoin-position-gold/