Dollar Distrust Is Driving Gold, Bitcoin Rallies, Eurizon Says

The growing aversion to large reserve currencies, including the dollar, has been propelling the record rallies in gold and Bitcoin — and the trend will go on, according to Eurizon SLJ Capital Limited.

Gold topped $4,000 for first time ever earlier this week and Bitcoin hit a fresh all-time high over the weekend, suggesting the rallies are driven by “a common factor,” strategists at Eurizon wrote Wednesday. Reserve currency issuers at central banks have been “printing money like mad,” pushing investors to look for alternatives, they said.