According to Aswath Damodaran, a professor of finance at the NYU’s Stren School of Business says that people are preferring cryptocurrencies over gold. Nonetheless, it is for those who don’t trust traditional fiat currencies.
Dean of Valuation
Damodaran is often quoted by media as ‘Dean of Valuation’ on Wall Street. He is a professional in corporate finance and equity valuation.
Cryptocurrencies over Gold
However, recently finance expert remarked the backdrop that cryptocurrencies are more likely replace gold. Or may substitutive emerge to legal currencies dispensed by central authorities
He said in a People Trust Cryptocurrencies over Gold, Says Wall Street ‘Dean of Valuation’ you h interview. “If you don’t trust paper currency, historically what you have done is you dumped paper currencies and brought gold”.
Damodaran told CNBC: “Cryptocurrencies have taken the role of gold at least for younger investors because they don’t trust paper currencies”.
Although, according to the studies, the Bitcoin price is superior to the value of an ounce of gold for the first time in the month March. Since it is as progressively traded above the mark.
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