That is what some experts believe. JP Morgan published a report in early October indicating that bitcoin is the new gold among investors who are looking for inflation protection. A couple of weeks later, in the same vein, Paul Tudor Jones, a billionaire and iconic U.S. investor, indicated to CNBC that he preferred cryptocurrencies over gold to achieve the same purpose.

According to several investment banks, some institutional investors have been investing in cryptocurrencies, especially bitcoins, albeit in small volumes. Tudor Jones himself said that the weight of bitcoins in his portfolio was in the single digits. The most visible attraction of bitcoin is its profitability, despite the high volatility it has shown. With an estimated market capitalization of around US$1.1 trillion (million billion) as of mid-October, bitcoin was showing a 103% return since the beginning of 2021 through October 26, while gold lost 5.35% of its value over the same period.

Tudor Jones insisted on CNBC that there is a place for cryptocurrencies in the face of inflation. Others are more skeptical, like Mike Gleason, head of broker Money Metals Exchange, who reminds that gold and silver have a long history as assets to hold value for investors.