Original title: chairman of Gold Mining Company: the volatility of Bitcoin will bring investors back to the gold market.
Klein, executive chairman of gold mining company Evolution mining, believes that sharp fluctuations in cryptocurrencies will eventually lead bitcoin investors to return to the gold market.
He says Bitcoin still has a long way to go if it is to be as sustainable and safe as gold has shown to investors over the past 70 years.
On Thursday, he said on CNBC's Squawk Box Asia program that the cryptocurrency market was "running a lot of speculative money".
The volatility of encrypted space will eventually lead people to return to the gold market.
The price of gold fell last week, and analysts think it will fall further. Hedge fund manager David Neuhauser told CNBC earlier this week that the fall in gold prices is now a good time for investors to buy in large quantities.
However, Klein says the two can co-exist and that gold has a chance to be on an equal footing with Bitcoin, rather than that Bitcoin poses a threat to precious metals.
Investors who are bullish on Bitcoin see it as a tool for digital gold and a hedge against inflation, and cryptocurrencies are expected to appreciate over time.
Tyler Winklevoss, a US investor and founder of Winklevoss Capital Management and the Gemini cryptocurrency exchange, said last year that Bitcoin was Gold 2.0 and that it would subvert gold.
Millions of investors Kevin O'Leary said in April that Bitcoin will always be gold and Ethernet will always be silver.
However, there are other investors who disagree.
Hedge fund manager Dario, although the number of cryptocurrencies he holds has not been disclosed, said earlier this month:
"if you put a gun on my head and tell me I can only choose one, then I will choose gold."
Bitcoin climbed to $48000 last weekend, the highest level since May. By Thursday night, however, Bitcoin had fallen back to around $44000.Bitcoin suffered a sell-off in June and July, when it fell below $30,000.