Bitcoin and gold rose recently after the US Congress discussed an additional stimulus program to support the economy amid the spread of the Corona virus.

Increasingly, investors are looking for hedge assets that protect them from inflation.

In an interesting departure, a major investment bank recommended cryptocurrencies over gold.

Oppenheimer Investment Bank Analyst Now is the time to invest in Bitcoin:

Yesterday, Tuesday, Bitcoin touched its highest level, not touched in nearly 11 months, which is significant considering that Bitcoin has been moving horizontally for the past two months between $9,000 and $9,500.

On the other hand, gold broke the highest recorded nine months ago and reached its highest level ever.

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Investors are looking to put their money in a safe haven as geopolitical tensions continue to deteriorate while fears of a second wave of the coronavirus persist.

In addition, most economists expect central bankers and governments to push for more stimulus measures and encourage inflationary measures.

While most traditional investors are betting on gold on the grounds that it is more reliable amid global crises like the one happening right now, investment bank Oppenheimer is more bullish about Bitcoin.

stated Mr. Ari Wald, head of technical analysis at Oppenheimer Bank, told CNBC:

We used to recommend gold as an investment.

Gold is actually a high-momentum commodity, ranking first above all commodities in terms of momentum.

We recommend sticking with it but I think it’s worth highlighting Bitcoin instead.

Analyst Ari argued that Bitcoin saw a major breakout, which could guarantee more gains in the long run.

He noted that the largest cryptocurrency has reversed its downward trend that started at its highest level in 2017.

He concluded by saying:

If you are a long-term investor, this is the time you want to see it.

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Bitcoin is still very far from its record high of around $20,000, which indicates that it has plenty of room to grow.

Differences of opinion between Bitcoin and gold:

While Bitcoin is doing better this year, some investors are still choosing gold.

Read:Bitcoin closes 10 consecutive green daily candles after 4 years, and the price of the coin is around 42 thousand dollars

Michael Binger, the chief investment advisor at Gradient Investments, told me that he would choose gold over Bitcoin, explaining this by saying:

Between the two I’m leaning on the golden side here.

When you think about it, it is actually a suitable environment for gold investors at the moment.

I mean, you have a weak US dollar, and you have negative real interest rates.

It all depends on the possibility of higher inflation.

While Binger acknowledges that Bitcoin is a momentum game, he says it’s not a valid currency yet.

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