Bitcoin is no Safe-haven, it's Risky Business Warns This Expert.

Jeff Christian, managing director for New York based CPM Group did not mince words when it comes to the cryptocurrency.

'Bitcoin is the ultimate pet rock,' he told Kitco News Friday. 'I think it's just a gigantic speculative play, it has no tangible asset behind it. It's a scandal waiting to happen.' The longtime precious metals expert says he prefers gold because it is a more 'legitimate' asset class. 'What you are seeing is speculative players buying bitcoin,' he said. 'Just because you make money on it doesn't mean it's a legitimate activity.'

Watch more from Kitco News:

• Gold Gets a Jackson Hole Bounce, Now There's Talk of $1,350
• Nervousness Fills Gold Market Ahead of Jackson Hole
• These 3 Things Would Make This Trader Give Up on Gold
• Why Sprott's Rick Rule Sold His Bitcoins
• Gold Misses $1,300 but It's Far From a 'Crisis' Says Trader

This article is commentary by an independent contributor.