Viewpoint: Distrust in the US dollar is driving up gold and Bitcoin

ChainCatcher news, according to Bloomberg, asset management company Eurizon SLJ Capital Limited stated that the growing aversion to major reserve currencies such as the dollar is driving gold and Bitcoin prices to new historical highs, and the upward trend is expected to continue.

Earlier this week, gold broke the $4000 per ounce mark for the first time, and Bitcoin also reached a new high. Eurizon strategists pointed out that the rise of both is driven by "common factors." Central banks are "printing money like crazy," and investors are turning to alternative assets. The strategists believe that if reserve institutions continue to sell off fiat currencies, gold may continue to rise, and if gold reserves are on par with the dollar, the gold price could reach $8500.

Eurizon expects that the dollar will continue to decline after a brief respite, as the previous rise was due to the weakening of the euro and yen because of domestic political and fiscal risks, rather than an increase in the dollar's own "attractiveness."