Summary
- Ed Yardeni said Bitcoin (BTC) is the new gold, and said it is acceptable to call gold the physical BTC.
- He explained that both gold and BTC posted high returns, but gold surged 60% while BTC rose only 20%.
- Yardeni forecast that gold prices could reach $5,000 per ounce next year and $10,000 within 10 years.
On the 15th (local time), according to CNBC, Wall Street's prominent stock bull Ed Yardeni said, "Gold is the new Bitcoin (BTC)," adding, "It is now acceptable to call gold the physical BTC."
Yardeni explained, "Gold has traditionally served as a hedge against geopolitical risk and is an asset with a much longer history than BTC," and said, "Both assets have posted high returns this year, but gold surged about 60% while BTC rose only 20%."
He forecasted, "Next year, gold prices could reach $5,000 per ounce, and exceed $10,000 within 10 years."
Regarding the recent BTC plunge, he analyzed, "Due to a lack of liquidity, exchanges activated automatic deleveraging (ADL) for risk management, and in the process even hedged positions were forcibly liquidated," and said, "Market-making firms also reduced trading and were unable to absorb the selling pressure, which was the cause of the sharp drop."
JH Kim
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