2024

Bitcoin

when

Seasoned trader Peter Brandt recently issued a price prediction for Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>), claiming that the decentralized digital asset would surge 230% against gold.
Brandt claimed that the ratio of gold to BTC would fluctuate for the next 12–18 months before finally climbing to a new high of 100 ounces of gold per BTC. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/4499f2fb-bbf1-46da-9e17-46765048c1b5.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/PeterLBrandt/status/1796216439369830428" target="_blank" rel="noopener nofollow">Peter Brandt</a>
 </figcaption>
</figure>
While it remains to be seen if Brandt’s prediction will be proven true, a comparison of the <a href="https://cointelegraph.com/news/bitcoin-price-liquidity-69k-gold-surge-markets">price history of BTC and gold</a> suggests that his comments are not baseless or unrealistic.
Since its inception, Bitcoin has been gaining ground against gold but finally overtook the precious metal in terms of price in 2017. During that year, Bitcoin peaked at&nbsp; $19,649 on Dec. 17.
When gold resumed trading on Dec. 18, 2017, the commodity reached a price of $1,264 per ounce before the daily candle closed at $1,261 per ounce. Using those numbers, it took roughly 15.5 ounces of gold to purchase 1 BTC.
Since then, the price of Bitcoin has managed to stay well above the price of gold — even during the lowest points of the 2018–2019 bear market, when Bitcoin plummeted to a low of around $3,126 in December 2018.
During this same month, gold experienced upward price action but only reached a high of around $1,283 by Dec. 31, 2018.
Related: <a href="https://cointelegraph.com/news/bitcoin-bull-pompliano-says-btc-will-be-bigger-than-gold-and-the-leader-in-the-recovery">Bitcoin bull Pompliano says BTC will be bigger than gold and ‘the leader in the recovery’</a>
In 2020, gold experienced yet another bull run that was temporarily disrupted by the now-infamous March 2020 market drop, a result of the <a href="https://cointelegraph.com/news/bitcoin-up-1-800-after-2020-covid-19-btc-price-crash">COVID-19 pandemic</a>, reflected across a wide range of assets, including Bitcoin.
By August 2020, gold had reached a new all-time high of around $2,075 per ounce as fears of recession and runaway inflation gripped the investor community.&nbsp;
Bitcoin traded sideways during this time but reached levels around $12,341 during this same month.
Both assets generally performed poorly in 2022 but managed to rebound in 2023. 
In May 2024, gold hit an all-time high of roughly $2,449 per ounce and is currently trading at around $2,320 per ounce, while Bitcoin hit a high of around $74,000 before falling back down to $67,210 at the time of this writing. Using the current market prices, it would take roughly 29 ounces of gold to purchase 1 BTC.
Magazine: <a href="https://cointelegraph.com/magazine/crypto-voters-are-already-affecting-the-2024-presidential-election/">Crypto voters are already disrupting the 2024 election — and it’s set to continue</a>.

Bitcoin to be worth 100 oz of gold, says veteran trader Peter Brandt

Cointelegraph

Other articles published on May 31, 2024

Crypto Market Sees Altcoin Stagnation

Qubetics Whitelist Poses Serious Challenge to the Rule of Bitcoin and Ethereum

Lynn Martin: You can’t argue with Bitcoin’s success

Here's How Much $1,000 Invested In These Best Performing Cryptos Is Worth Today: Dogecoin, Shiba ...

Trump Might Tap Elon Musk for Advisory Role if Re-Elected President

Investors Boost Pepe Coin Activity

Join our free newsletter for daily crypto updates!