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Bitcoin cash, the cryptocurrency that split off from bitcoin earlier this year, jumped against the dollar on Friday. Investors have cash to burn right now, and based on the astronomical performance of cryptocurrencies like bitcoin and Ethereum, that's where a lot of it is getting funneled.
This is coming at the expense of gold, says Tom Lee, the managing partner and head of research at Fundstrat Global Advisors. In fact, he thinks that the growing preference for the cryptocurrencies over gold is actually helping contribute to the torrid gains in the fledgling products.
One main factor driving demand for cryptocurrencies is the reduction in supply that's been seen in recent months, according to Lee. He notes that the rate of bitcoin units added has been more than halved over the past ...
