Gold and bitcoin rise on fears about US debt

CEI’s John Berlau was quoted by the Washington Examiner regarding cryptocurrency in the economy.

As gold has gone up, so too have bitcoin and other cryptocurrencies.

Ten days ago, bitcoin was trading at under $63,000. As of Tuesday afternoon, it was trading at nearly $79,000.

John Berlau, a senior fellow and director of finance policy at the Competitive Enterprise Institute and an expert on the crypto space, cited some of the same concerns regarding bitcoin and other cryptocurrencies rising.

“It’s inflation concerns, concerns about the debt — when people are worried about how much value, or whether a fiat currency is losing value, they’ll gravitate both to things where there is a fixed supply and you can’t inflate like gold and like cryptocurrencies,” he told the Washington Examiner.

Berlau also cited increased institutional acceptance of cryptocurrencies and the blockchain technology underpinning them.

Read the full article at the Washington Examiner.