RE: Not financial advice – August 2022
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I fear that the current interest rate that has led to this rise of gold and silver will have a negative impact on the price of cryptocurrencies in the future.
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I'm sure the current inflation and interest rates have definitely led to increased demand of gold and silver.... but it was reported a few weeks ago that the African nation Uganda found 31 million metric tons of gold ore... so I'm sure that'll affect the price as well.
To be honest, I don't think gold and silver will affect the price of crypto. I see them as overlapping but separate investors. Some investors love both, some love one or the other. Gold and Silver are all about protecting your wealth (until Uganda affects the price) and crypto is about future innovation.
I do think that crypto goes down over the short term... but goes up in the long term.