Simons Chen, executive director of investment and trading at Babel Finance, told CNBC: “This latest bull run in January is sure to attract the asset managers’ attention to diversify even more of their assets to crypto as they are keen on finding alternative investments, such as cryptocurrency or gold, to hedge inflation and geopolitical risk.”
“A large number of retail investors have also joined the race recently as they fear to miss out on opportunities to make easy, quick gain from the latest bull run,” he added.
Although there are signs that the competition between gold and Bitcoin is fierce, the cryptocurrency’s market volatility still scares many investors.
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