Survey: one-third of gold owners see bitcoin as better alternative to precious metal

33% of respondents plan to increase their investments in the first cryptocurrency

24.06.2022 - 11:05

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1 min

What’s new? Paxos conducted a survey among 1000 gold owners from the US, UK, Singapore, and Germany. According to the survey, more than one-third of respondents see bitcoin as a better alternative to precious metal and plan to invest more in the first cryptocurrency. In this, most investors are concerned about rising inflation, so they will continue to buy gold.

Paxos’ survey

What else does the survey say? The survey showed that other factors that prompted people to invest in precious metal were stock market problems, the geopolitical situation, and fiat currency depreciation. The fifth most popular reason for buying the asset was concerns about the current downturn in the cryptocurrency market.

One-quarter of respondents bought gold for the first time in 2020 or later. Gold ETFs and physical bars are the most popular forms of the asset to invest in. Meanwhile, almost 60% of respondents said they plan to buy tokenized gold.

According to a Forbes survey of 65 of the world’s richest people, almost 30% of them directly or indirectly invested in digital assets. Some 18% of billionaires reported that they invested at least 1% of their wealth in cryptocurrencies. However, most of them invested in this area as an experiment.

Bloomberg analyst Mike McGlone believes that BTC and gold prices will be positively impacted by a deflationary period in the financial sector, which may come as a result of falling risky assets.

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