Is Bitcoin the new gold? Technical analysis performed by futures broker, Carley Garner, and presented on Mad Money by Jim Cramer suggest gold still shines brighter.
Not long ago, there were widespread agreements that Bitcoin had replaced gold as the primary alternative asset. At the time, Bitcoin cheerleaders claimed cryptocurrencies to be a viable store of wealth, a hedge against inflation, and an efficient non-Central-Bank-influenced currency to facilitate transactions worldwide. It has proven to be none of those things. Throughout the majority of the last decade, we've been bombarded with arguments from younger investors as to why cryptocurrencies are the new gold. Still, the crypto collapse followed by the FTX fiasco has been a good reminder that the grass isn't always greener on the other side of the fence.