Bitcoin is one of the major success stories of the financial sector in 2013, but it still does not stand up to gold or silver in terms of store of value.
According to experienced stock investor John Paul Whitefoot, bitcoins are still in their infancy and only made it on to the radar of investors earlier in the year.
"That doesn't mean it isn't a legitimate option for speculative investors; clearly, it is, as the digital currency is responsible for the making of many new millionaires this year with only more to come," he said.
Writing for Daily Gains Letter, he explained that the currency's volatility makes it less of a safe haven than gold or silver.
This is despite the fact gold has lost around 27 per cent of its value since March, leading many investors to question whether the reputation of the precious metal as a leading safe haven has been damaged for good.
However, gold did rise in value in the last two days, bouncing back from the five-month low it fell to earlier in the month.
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