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The Tell: Bitcoin and other cryptos won’t dent gold’s shine, says Morningstar analyst

Cryptocurrencies are a staple of most financial markets dinner conversations. The market value for the more than 2,000 individual coins is around $220 billion, well off its all-time high of $828 billion, but still 48% greater than this time last year and 1,000% higher than the beginning of 2017, according to data from CoinMarketCap.

Yet, as much as the libertarian-leaning evangelists like to tag digital currencies as the new gold, there is no risk that virtual currencies that operate on a distributed ledger will knock the precious metal off its perch, according to Morningstar analyst, Kristoffer Inton. “Amid the growing hype, some even floated the idea that cryptocurrency could one day replace gold as one of the world’s most widely accepted investment assets,” wrote Inton.

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