Speaking to Mining Journal ahead of the virtual event, which starts on Monday, Florian Grummes, technical gold analyst and co-founder of Midas Touch consulting, said: "the market need to be more open-minded" to the cryptocurrency, which he said would "outperform gold down the road".

"Looking back over the last 10 years Bitcoin has outperformed everything else," said Grummes.

"It is very likely that Bitcoin will again outperform everything else over the next 5-10 years.. Bitcoin and Silver are my dream team for the crack-up-boom," he said.

Investors "have to question investments in gold and should not only focus on gold mining stocks", Grummes said.

"If gold prices...are rising, mankind will figure out a way to dig more gold out of the ground...even if it takes some years," he said.

"With no return to the gold standard, people need a reliable form of money", he added, pointing to the destabilising effects of expansionary monetary policy currently being pursued by governments across the world.

The value of one Bitcoin has risen 27% since the beginning of October to US$13,530.

Grummes' belief that gold investors should also hold Bitcoin does not alter his bullish view on the precious metal, following the current "correction phase".

He said 2021 would be a strong year for the gold sector, bringing "an all-time high [gold] price of above US$2,100/ounce mark in the second and third quarters".

Mining stocks also have a "lot of room to catch up with the gold price", as generalist investors creep into the sector in search of high margins and profitability.

In the more immediate term, the analyst predicted a Trump win in next week's US election, a result he said doesn't bode well for gold,

"We should not be surprised by a surprise," he said of a Trump win.