Gold

Bitcoin

<p>Wall Street indices have continued to show major strength as we approach the end of the year 2023, however, recessionary dears continue to hold strong going into 2024 with the Gold price shooting all the way to $2,100 per ounce. On the other hand, Bitcoin continues to make strong gains shooting past $40,000.</p>
<h3 id="recession-2024-fears-looming">Recession 2024 Fears Looming</h3>
<p>Last week, JPMorgan Chase CEO Jamie Dimon warned regarding the potential for further inflation and not ruling out the possibility of a recession.</p>
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            <p>During the 2023 New York Times DealBook Summit in New York, Dimon expressed concern about various inflationary factors, urging preparedness. He <a href="https://coingape.com/jpmorgan-chase-ceo-jamie-dimon-warns-of-grave-dangers-amid-global-crises/" target="_blank" rel="noopener noreferrer nofollow">warned</a> of the potential for rising interest rates, which could contribute to an economic downturn.</p>
            <p>Dimon emphasized the global need for increased funds to support initiatives like the green economy, remilitarization, and addressing energy crises. However, he cautioned that these measures could further contribute to inflationary pressures.</p>
            <p>As inflationary concerns remain, Gold and other commodities have shown strong gains in recent weeks. Bloomberg’s senior commodity strategist Mike McGlone states that Gold is most likely to outperform other commodities.</p>
            <p>McGlone stated gold has exhibited superior performance compared to most commodities since the beginning of the millennium. The recent rebound in material prices might have rejuvenated the established trend favoring the metal. However, as spot commodity prices approach the conclusion of 2023, they are experiencing a decline after reaching the most extended levels compared to gold since 2008.</p>
            <h3 id="bitcoin-vs-gold">Bitcoin vs Gold</h3>
            <p>Amid the high-interest rates environment this year, Bitcoin has delivered a solid recovery in 2023. The Bitcoin price is up 150% year-to-date <a href="https://coingape.com/bitcoin-btc-price-smashes-past-40000-first-time-in-18-months-whats-next/?utm_source=24hrsupdateall" target="_blank" rel="noopener noreferrer nofollow">shooting past $40,000</a>. On the other hand, Gold has given 16% returns since the beginning of the year showing a clear gap in BTC outperformance once again. The bigger question remains will this outperformance continue going into 2024, and at all if recession sets in?</p>
            <p>As we know, Gold is a major hedge against recession while Bitcoin has performed like a risk-ON asset. Popular Bitcoin critic Peter Schiff <a rel="noopener noreferrer nofollow" href="https://twitter.com/PeterSchiff/status/1731455141876760785" target="_blank">writes</a>: “Gold <span class="css-1qaijid r-bcqeeo r-qvutc0 r-poiln3">trading above $2,100 tonight, for the first time in history, is far more significant than </span><span class="r-18u37iz">@Bitcoin </span>trading above $40K. Gold has completely broken out. It’s in uncharted territory, while Bitcoin still needs to rally more than 60% from here just to make a new high”.</p>
            <p>Blockstream CEO Adam Back expressed his belief that digital gold, represented by Bitcoin, is poised to surpass physical gold in value sooner or later, potentially within the current halving cycle, which spans approximately four years. Back estimates that at the moment, it would take around $700,000 per Bitcoin for this transition to occur. He suggests that Bitcoin could become a partial substitute for gold, with some individuals selling their gold holdings to invest in Bitcoin, potentially leading to market cap crossovers.</p>
            <p>He also expects major capital inflows into Bitcoin amid the transfer of wealth from baby boomers to the next generations (Generation X and millennials) will result in the liquidation of assets like stocks, bonds, and pension funds to acquire Bitcoin.</p>
            <h3 id="bitcoin-as-an-inflation-antidote">Bitcoin as an Inflation Antidote</h3>
            <p>Coinbase CEO Brian Armstrong contemplates Bitcoin as a key to extending Western civilization. In light of potential U.S. inflation, he sees cryptocurrency as an alternative that people might turn to, acting as a natural check and balance.</p>
            <p>Armstrong envisions crypto and fiat coexisting, with stable coins like USDC playing a significant role in bridging the two worlds. He views this transition as complementary to the dollar and beneficial for long-term American interests. The idea is still under consideration, and Armstrong seeks diverse perspectives on the matter.</p>
            <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
             <p lang="en" dir="ltr">One idea I’ve been contemplating is that Bitcoin may be the key to extending western civilization.</p>
             <p>The natural trend of whichever country has the reserve currency is to inflate the money supply and increase deficit spending until it loses that advantage. The U.S. is somewhere on…</p>
             <p>— Brian Armstrong <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6e1.png" alt="🛡" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@brian_armstrong) <a href="https://twitter.com/brian_armstrong/status/1731460958298788232?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 3, 2023</a></p>
            </blockquote>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://coingape.com/recession-2024-fears-bitcoin-vs-gold-set-for-an-epic-battle-this-time/">Recession 2024 Fears: Bitcoin vs Gold Set For An Epic Battle This Time</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coingape.com">CoinGape</a>.</p>

Recession 2024 Fears: Bitcoin vs Gold Set For An Epic Battle This Time

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