Deutsche Bank Reveals More Demand For Bitcoin Over Gold

The German bank, Deutsche Bank said that more and more people are choosing Bitcoin over gold in order to protect their cash.

In a note from Deutsche Bank published on Zerohedge, the Frankfurt-based bank said that investors see Bitcoin as a legit store of wealth option these days.

Deutsche Bank research strategist Jim Reid addressed Bitcoin’s recent momentum as very strong evidence of the evolving investor behaviour.

“Bitcoin is up another +3% overnight and seems to be creating momentum of its own. It’s up over 70% over the last six weeks as more and more investors are starting to see it emerge as a credible asset to invest in,” he said.

He also said that Bitcoin could be overtaking gold as the number one hedge against inflation for people looking to protect liquid capital.

“There also seems to be an increasing demand to use Bitcoin where Gold used to be used to hedge Dollar risk, inflation and other things,” he explained.

It’s important to note the fact that gold is up 26.37%, while BTC is up 120% on the year.

Other than this, today, Bitcoin is trading in the green, and the coin is trading at
$18,641.39.

There are all kinds of optimistic Bitcoin predictions these days.

Bitcoin to hit $1 million

Crypto analyst and influencer Alex Saunders said that he believes Bitcoin is heading toward the $1 million mark, but this journey will definitely take a while.

During a new interview with Stansberry Research, Saunders said that BTC is on track to shatter $100,000 in the next five years.

“I honestly think now, if you look at the market cap and you look at the trillions of dollars that are being printed by the month these days, I definitely think we’re going to hit $100,000 in the next five years,” he said.

He believes that BTC will hit $1 million in the next one or two decades.

Originally posted on: https://cryptogazette.com/deutsche-bank-reveals-more-demand-for-bitcoin-over-gold/