Bitcoin

Gold

<figure>
 <figcaption>
  Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<p dir="ltr">The&nbsp;<a href="https://u.today/bitcoin-vs-gold-glassnode-cofounders-predict-65x-btc-breakout" rel="noopener noreferrer nofollow">debate</a> about the Bitcoin (BTC) and gold rivalry took a new turn when legendary trader Peter Brandt weighed in on the conversation recently. In a post on the X app, Peter Brandt&nbsp;<a href="https://twitter.com/PeterLBrandt/status/1777680672163045866" rel="noopener noreferrer nofollow">shared a chart</a>, where he proved that over the past year, Bitcoin has reigned supreme over gold.</p>
<h2 id="bitcoin-versus-gold-rivalry">Bitcoin versus gold rivalry</h2>
<p dir="ltr">For centuries, gold has served a dominant function as a hedge against inflation and as a store of value. Its efficiency as a store of value is, however, being questioned with the emergence of Bitcoin.&nbsp;</p>
<p dir="ltr">While gold has a mild growth rate, Bitcoin has proven to be a rapid riser with a massive growth rate that outpaces the former on any simultaneous time frame. The BTC Gold Ratio chart, or the amount of gold required to buy one Bitcoin, has been on a steady surge for the past year.</p>
<blockquote>
 <p lang="en" dir="ltr">Some on X claim that Bitcoin is dead and Gold is the new king. Really?It is all a matter of time frame, but the one-year trend right now does not favor Gold -- nor has it since Bitcoin's inception<a href="https://twitter.com/PeterSchiff?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@PeterSchiff</a> <a href="https://t.co/WJhXKfsbnq" rel="noopener noreferrer nofollow">pic.twitter.com/WJhXKfsbnq</a></p>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1777680672163045866?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 9, 2024</a>
</blockquote>
<p dir="ltr">Pegged at 29.91 at the time Peter Brandt shared his post, up from around 20 at the start of the year, it means more gold is now needed to buy the equivalent of one BTC. This metric made Peter Brandt rhetorically ask whether Bitcoin is dead and gold is king, as many&nbsp;<a href="https://u.today/did-gold-beat-bitcoin-btc-in-last-25-years" rel="noopener noreferrer nofollow">gold proponents try to prove</a>.</p>
<h2 id="new-bitcoin-charm">New Bitcoin charm</h2>
<p dir="ltr">Though the relevance of gold cannot be shoved aside, Bitcoin brings new technical and monetary advantages that make it a more economically viable bet. Unlike gold, whose supply is unlimited, Bitcoin comes with a maximum supply of 21 million.</p>
<p dir="ltr">While gold can be extracted without restrictions, the&nbsp;<a href="https://u.today/bitcoin-halving-to-send-btc-price-ballistic-top-analyst-predicts" rel="noopener noreferrer nofollow">Bitcoin halving</a> event slated for later this January triggers a defined emission of BTC on a daily basis.&nbsp;</p>
<p dir="ltr">These pseudo-deflationary features and the massive capital inflow from spot Bitcoin ETF products have been adding up to a complementary duo that is driving the price of the asset to new highs.</p>
<p dir="ltr">At the time of writing, Bitcoin’s price is pegged at $70,040, down by 1.33% in 24 hours. Gold, on the other hand, is priced at $2,354.16, down by 0.7% in the past 24 hours.</p>

Bitcoin (BTC) Outshining Gold, Peter Brandt Shares Uncommon Take

Table of Contents

U_Today

Další články publikované 10. 4. 2024

Ethena announces integration with exchange wallets

Tomo Raises $3.5 Million in Seed Funding Led by Polychain Capital, Announces Tomoji Launchpad and...

Santiment Reveals Top 10 Most Focused Tokens by Developers in the Forgotten Altcoin Group

Bitcoin Eyes $100,000 as ‘W Pattern’ Hints at Breakout

Hong Kong Spot Bitcoin ETFs Could Spark Chinese Investor Demand Surge – Analyst Insights

Cryptocurrency Stacks Decreases More Than 4% Within 24 hours

Join our free newsletter for daily crypto updates!