The volatility of bitcoin will force investors to pay attention to gold, according to the head of the mining company Evolution Mining, Jake Klein. Dominance will return to the precious metal due to the fact that the cryptocurrency has failed to protect depositors from inflation.

According to Jake Klein, optimistic investors consider bitcoin as “digital gold” and a hedge against inflation, expecting that it will rise in price over time. For example, billionaire investor Kevin O’Leary said that “Bitcoin will always be gold” and Ethereum “silver”. However, prices for both Bitcoin and gold have fluctuated wildly this year.

Klein believes that bitcoin still has a “long way to go” before proving its “longevity and security.” Gold has been renowned for these characteristics for 70 years. The head of Evolution Mining is not alone in this opinion. When gold prices fell by mid-August, Livermore investment fund manager David Neuhauser called it “a great buying opportunity” for investors. And the founder of the hedge fund Bridgewater Associates, Ray Dalio, despite the fact that he owns a certain amount of cryptocurrency, said: “If you put a gun to my head and say that I have only one thing left, I would choose gold.”