Chris Burniske, blockchain analyst and products lead and thematic tech analyst at ARK Investment Management, LLC has shared his views on bitcoin which can be referred to as digital gold.

Talking to CNBC, and referring to gold, “Bitcoin shares those same characteristics. Both have an extremely limited supply and a relatively inert state. Bitcoin and gold can both be used: for example, gold is used in electronic circuits and bitcoin is used as payment,” Burniske said.

Burniske has suggested investors to consider diversifying into bitcoin since the performance of gold has not been up to the mark in the past couple of years. However, he also pointed out to risks that the cryptocurrency faces.

"While gold has had a bit of a run in 2016, over the last five year period it's been a terrible performing asset," Burniske said. Talking about the risks that cryptocurrency faces, “There's the risk of the developer community not being able to come to consensus on how they want to scale bitcoin. This has been talked about for the better part of the last year,” he said.

As most investors still go for gold due to safety issues, Adrian Ash, head of research at investment gold service BullionVault, clarifies the advantages that gold has over other assets.

"Throughout civilization gold has been viewed as a well-established safe haven used to store value by all cultures in all ages across the word and has never gone to zero in recorded history," Ash said CNBC. “As a physical asset, gold cannot default or go bust.”

Earlier this year in January, COEPTIS issued its own digital currency, calling it Global Standard Gold (AUG), which is backed by physical gold and held in a trust account which meant that it has the potential to be liquidated at market value at any time.

Christopher Burniske previously worked at Whole Foods Market and was a lead investigator at Stanford University where he spearheaded project documenting Stanford's Big Data research ecosystem.