Opinion: The recent strong rise of Bitcoin has attracted some funds to flow from gold into Bitcoin

According to China Fund News, Liu Tingyu, the fund manager of Yong Win CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stock ETF, analyzed that with the conclusion of the U.S. election results and after realizing expectations from "Trump trades" in September and October, some bullish funds have taken profits which triggered this adjustment in gold prices. Both virtual currencies and gold have a certain substitutability for sovereign currency. Recently, Bitcoin's strong rise has attracted some funds to flow from gold into Bitcoin.