Wild swings in cryptocurrencies will eventually drive bitcoin investors to return to gold, says the executive chairman of gold mining firm Evolution Mining. Jake Klein said bitcoin still has a “long way to go” before it demonstrates the kind of “longevity and security” that gold has proven to offer investors over the last 70 years.
It’s no secret that Jack Dorsey, CEO of Twitter and Square, loves bitcoin, the largest cryptocurrency by market value. In fact, the bitcoin maximalist has touted it as the most important project in his life to work on, and Square, his digital payments company, bought over $170 million worth of bitcoin earlier this year. Now, the billionaire CEO is mining it, too. “I’m trying mining with @compass_mining,” Dorsey tweeted on Tuesday. With the $50,000 target still in sight, Bitcoin’s redemption is still yet to come.
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