Bitcoin could outshine gold as millennials invest in the "digital gold" currency over the traditional and tangible bullion, the JPMorgan analysts indicated. Mr Rodda said he didn't believe Bitcoin would replace gold in the long-term. "I don't think long-term strength in Bitcoin necessarily requires money moving out of gold," Mr Rodda said. Since mid-October, the Bitcoin price has been rapidly climbing from A$15,500. Australia head of global cryptocurrency company Luno, Byron Goldberg, told news.com.au that "Bitcoin has long been called digital gold by early adopters".

Source: New Zealand Herald January 06, 2021 20:00 UTC