As the second wave of the coronavirus sweeps through the world, investors have looked for assets to diversify away from equities, and this behavior has pushed both gold and bitcoin up together over the last four weeks, said Alex Mashinsky, founder and CEO of Celsius Network.
Mashinsy remains bullish on both gold and bitcoin in this environment, but despite stronger economic data released recently, he warns that the economy will continue to suffer except for one sector: technology.
“I am much more pessimistic on the economy or the GDP of the U.S. economy long-term. There are going to be huge winners: anyone who’s moving electrons, so if you’re Microsoft, or Zoom, or Amazon, and you’re mostly moving electrons through AWS and services like that, you’re a huge winner,” he said.
Gold and bitcoin prices: 0:22
Gold price momentum: 3:46
Economy and winning stocks: 5:50
Tech bubble? 11:37
Tik Tok banned: 13:54
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