In fact, the average daily change for Bitcoin over the last month is more than 4.7%, according to data compiled by Bloomberg, with the digital token seeing four double-digit percentage moves since the beginning of July. That compares with an average move of 0.8% for gold over the same period.
Those bets might not pay off should tensions between the U.S. and China thaw, according to Marc Chandler, chief market strategist at Bannockburn Global Forex. It could “take the wind out of cybersecurity sails once again,” he said. “I wonder how many times people can be burned before they give it up completely.”
--With assistance from Kenneth Sexton, Luke Kawa and Olga Kharif.
This article was provided by Bloomberg News.