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Cryptocurrencies can replace gold

19 July 2017 21:00, UTC

According to Coindesk.com, Aswath Damodaran, a professor of finance at Stern School of Business (New York), considers that cryptocurrencies are becoming an alternative to gold for people who don’t trust fiat currencies.

Aswath Damodaran known as the "Dean of Valuation" on Wall Street noted that historically people who don't trust paper currency used to get rid of them and buy gold. According to the expert, digital currencies have taken the role of gold at least for younger investors because they don't trust paper currencies.

The price of bitcoin surpassed the value of an ounce of gold in March 2017, and has steadily traded above this mark since that time.