US monetary reserve bureau strategist: BTC can be a competitor to gold, but diversified investment cannot completely eliminate risks.

Odaily Planet Daily News According to Edmund Moy, Senior IRA Strategist at the US Money Reserve, the main distributor of precious metals for the US federal government, on the surface, Bitcoin could be a competitor to gold because they are both alternative assets that can help reduce risk in traditional investment portfolios. Cryptocurrency longs have long touted BTC as “digital gold,” and Federal Reserve Chairman Powell recently stated that BTC is “like gold.” Edmund Moy believes that the ‘differences are greater than the similarities’ between gold and BTC, and ‘the correlation between gold and BTC is not strong.’ Given the uncertainty in the coming year, this may be the most compelling reason for investors to hold both. Nevertheless, Edmund Moy points out that investors seeking diversified portfolios should remember that diversification alone cannot completely eliminate risks, especially considering the volatility of BTC. (morningstar)