Jake Klein said bitcoin still has a "long way to go" before it demonstrates the kind of "longevity and security" that gold has proven to offer investors over the last 70 years. 

Cryptocurrencies are "running a massive amount of speculative money," he told CNBC's "Squawk Box Asia" on Thursday.

"I think that the volatility in the crypto space is going to ultimately lead to people coming back to gold," Klein said.

Gold prices fell last week, and analysts say they will likely drop further. Hedge fund manager David Neuhauser told CNBC earlier this week that the decline in gold prices is a "massive buying opportunity" for investors now.