As the second wave of the coronavirus sweeps through the world, investors have looked for assets to diversify away from equities, and this behavior has pushed both gold and bitcoin up together over the last four weeks, said Alex Mashinsky, founder and CEO of Celsius Network.
Mashinsy remains bullish on both gold and bitcoin in this environment, but despite stronger economic data released recently, he warns that the economy will continue to suffer except for one sector: technology.
“I am much more pessimistic on the economy or the GDP of the U.S. economy long-term. There are going to be huge winners: anyone who’s moving electrons, so if you’re Microsoft, or Zoom, or Amazon, and you’re mostly moving electrons through AWS and services like that, you’re a huge winner,” he said.
Gold and bitcoin prices: 0:22
Inflation: 1:11
Gold price momentum: 3:46
Economy and winning stocks: 5:50
Tech bubble? 11:37
Tik Tok banned: 13:54
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Mashinsy remains bullish on both gold and bitcoin in this environment, but despite stronger economic data released recently, he warns that the economy will continue to suffer except for one sector: technology.
“I am much more pessimistic on the economy or the GDP of the U.S. economy long-term. There are going to be huge winners: anyone who’s moving electrons, so if you’re Microsoft, or Zoom, or Amazon, and you’re mostly moving electrons through AWS and services like that, you’re a huge winner,” he said.
Gold and bitcoin prices: 0:22
Inflation: 1:11
Gold price momentum: 3:46
Economy and winning stocks: 5:50
Tech bubble? 11:37
Tik Tok banned: 13:54
__________________________________________________________________
Kitco News is the world’s #1 source of metals market information. Our videos feature interviews with prominent industry figures to bring you market-affecting insights, with the goal of helping people make informed investment decisions.
Subscribe to our channel to stay up to date on the latest insights moving the metals markets.
For more breaking news, visit
Follow us on social media:
Facebook - KitcoNews/?ref=br_rs
Twitter - kitconewsnow
Google+: u/0/116266490328854474588
StockTwits - kitconews
Live gold price and charts: gold-price-today-usa/
Live silver price and charts: silver-price-today-usa/
Don’t forget to sign up for Kitco News’ Weekly Roundup – comes out every Friday to recap the hottest stories & videos of the week: subscription/newsletter.html
Join the conversation @ The Kitco Forums and be part of the premier online community for precious metals investors: https://gold-forum.kitco.com/
Disclaimer: Videos are not trading advice and the views expressed may not reflect those of Kitco Metals Inc.
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