German multinational investment bank, Deutsche Bank, says more and more people are choosing Bitcoin over gold to protect their cash.
In a note from Deutsche Bank published on Zerohedge, the Frankfurt-based bank says investors are increasingly seeing Bitcoin as a legitimate store of wealth option.
Deutsche Bank research strategist Jim Reid points to Bitcoin’s recent momentum as evidence of the evolving investor behavior.
“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.”
Reid also notes that Bitcoin may be overtaking gold as the number one hedge against inflation for those looking to protect their liquid capital.
Source: Deutsche Bank
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