Gold more of a safe bet than cryptocurrencies

UNITED STATES June 28 2017 12:09 PM

NEW YORK (Scrap Register): Gold is probably a safer haven than cryptocurrencies, said Phil Flynn, senior market analyst with Price Futures Group. 

In a recent special report, he cited strong demand this year for cryptocurrencies but also points out some of their vulnerabilities, such as cyber attacks. 

While the world looks to a new world currency for a safe haven, buying gold may be seriously undervalued -- because in the event we do have a significant market setback or a crisis, the inability to quickly exchange cryptocurrencies may still make gold more of a safe bet, Flynn added.

At the very least, in the event of a financial scare, gold should track Bitcoin and at a minimum act like silver has traditionally towards gold from a risk standpoint. While Bitcoin has risen above $3,000 and gold has struggled around $1,300, the faith in Bitcoin as a currency of last resort might be worrisome.