Bitcoin is strengthening its presence on the traditional financial market as a store of value. According to Senior Commodity Strategist at Bloomberg Intelligence, Mike McGlone, most indicators point to an "accelerating pace of bitcoin" (EXANTE: Bitcoin) replacing the metal as a store of value in investor portfolios.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news
McGlone notes gold will always have a place in jewelry and coin collections, but not as an investment class. At press time, bitcoin (EXANTE: Bitcoin) is trading at $53,980 (+5.87%).
The recent price activity comes after Norwegian billionaire Kjell Inge Rokke, who made his fortune on oil and gas, launched a new Bitcoin-focused investment company called Seetee. The newly-established firm will be overseen by Rokke's holding company Aker ASA and will focus on investing and hodling bitcoin.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.