Investors concerned about the health of the global economy are helping fuel the recent rally in bitcoin, according to the head of Barrick Gold Corp.
“One thing that is clear is that the world has not managed this pandemic well,” Mark Bristow, president and chief executive officer at Barrick Gold, said in an interview on Thursday.
“Investors are confused and anxious and there’s this response trying to offset what is clearly a risk in devaluation – massive devaluation – in the traditional ways of investing and retaining your wealth.
One of them is currencies have not only been depreciating, but you can’t really get much out of it when you put that money into the bank.”
The price of bitcoin has soared to record highs in recent days, surpassing $52,000 on Thursday, according to CoinDesk. The cryptocurrency has climbed by about nine per cent over the past week amid growing institutional demand for bitcoin, which was designed to have its supply limited to just 21 million coins.
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