Permanent Portfolio Funds President and Portfolio Manager Michael Cuggino stated that rather than being an alternative to gold, cryptocurrencies show a closer correlation with the technology sector and loose monetary policies. Speaking to CNBC, Cuggino argued that investors should keep in mind that these two asset classes are not the same and respond to different dynamics. Cuggino stated that there was a time when he thought Bitcoin and other cryptocurrencies would replace gold, but currently, both are rising. He noted that crypto's short 10-15-year trading history has generally shown a greater correlation than gold's performance with funds tracking technology indices (Triple Qs) and periods of loose monetary policy. Cuggino, noting that gold is a very long-cycle asset, explained that its recent strong performance is based on macro factors. These factors include the likely downward trend in Fed interest rate policy, geopolitical issues, central bank purchases, and the expectation that real interest rates may trend negative. *This is not investment advice.