Are cryptocurrencies and gold “friends or foes” ?

Cryptocurrencies are a broad term used for all digital mediums of exchange that implement a cryptographic framework and security features. As with precious metals, each cryptocurrency algorithm has a ceiling limit beyond which no more of that specific cryptocurrency can be produced. The appeal of cryptocurrencies is similar to that of gold as it is not subject to government manipulation. There are a few cryptocurrency companies that are now moving to back up their digital currency with physical gold, which could lead to positive friendship between crypto and gold. With digital currencies evolving and becoming more embedded in our lives, gold might just be the asset that supports the stability of it just like the good old days of the dollar and gold relationship. There are some market observers who deny the claim that there is a correlation between bitcoin and gold, through data collected they believe shows this relationship is speculative at best. Bitcoin and gold have often showed a notable association during times of macroeconomic crisis, the relationship has often deteriorated once market conditions return to regularity. A worthwhile observation is that China is trying to move away from cash, and cryptocurrency seems like a desirable option right now and if you note that China is the top gold buyer on the global stage, there seems to be some common ground that the Chinese anticipate. To summarise, whatever the relationship both cryptocurrencies and gold are universally accepted and are not impressionable to control by governments. They are both attractive for holding wealth that is independent of the discreditable fiat monetary system.