Gold prices have come within a few dollars of a milestone all-time high of $4,000 as investors escape to safe-haven assets — a trend that also looks bullish for Bitcoin.
Gold futures price tapped Early on Tuesday, spot prices hit a record high of $3.976 per ounce. according TradingView is a trading platform.
“Gold is at a new record high,” observed Peter Schiff, a goldbug and Bitcoin critic on Tuesday. “This is a clear warning that current Fed policy is wrong,” Adding to that, he called for the US central banks to be more transparent. “reverse course immediately,” Increase interest rates
The gold price has been on a tear this year. It is up more than 50 percent since January 1, amid rising geopolitical tensions and trade tariffs. concernsGlobal inflation and the debasement The fiat currency.
Bitcoin is outperforming it (BTCOver the same time period, the premier digital asset in the world gained just 33.5%. Bitcoin has followed the gold price, but with a slight lag. That could mean a big rally by year’s end.
Analysts predict that Bitcoin will surpass gold.
“Gold’s all-time high shows investors’ demand for scarce assets. From here, we believe Bitcoin will be the better-performing asset of the two,” Henrik Andersson, CEO of Apollo Capital, told Cointelegraph Tuesday.
“Gold hitting $4K is just another confirmation of the same dynamic supporting BTC,” Justin d’Anethan is the head of partnerships for crypto-private markets company Arctic Digital.
Related: Bitcoin will ‘blast through’ to its next leg at $150K: Analysts
This is a more than a “mutual confirmation,” Both assets are available reacting He added that he was concerned about the unchecked US debt, a weakened dollar, and a rise in geopolitical hedges.
“Gold is familiar and deeply rooted in traditional finance setups. Bitcoin moves bigger because it’s available 24/7, scarcer, and admittedly more forward-looking.”
Bitcoins and Gold
Bitcoin is behind the gold standard and M2 global money supply. “should adjust,” said James Bull is the analyst for X.
Ted Pillows was an expert trader and analyst last week. said Bitcoins have been extremely popular. correlated with gold With an eight-week delay.
Bitcoin is likely to follow gold’s new heights. “Maybe we could see another correction, but overall Q4 will be big for Bitcoin.”
Cointelegraph reported Bitcoin has resumed its correlation to gold as they both have reached or are near their highest point. Bitcoin’s all-time peak was just above $126,000 in late Monday trading.
Bitcoins to Seven Figures
David Marcus, former PayPal CEO and co-founder of Litespark, compared both assets. saying According to a report on Monday, if Bitcoin was valued at the same level as gold it would have a value of $1.3 Million.
“It’s already a better store of value, and its payments utility isn’t priced in yet. Crossing into seven digits is only a matter of time.”
Magazine: Bitcoin may move ‘very quick’ to $150K, altseason doubts: Hodler’s Digest
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Source: cointelegraph.com
