Bitcoin Surges Above $40,000
The price of the flagship cryptocurrency Bitcoin has recently surpassed the $40,000 mark for the first time since May 2022 to now trade at $41,400.
Peter Schiff Weighs In On Gold
Gold bug Peter Schiff has said that while it still has a way to go before reaching a new high, the precious metal has “completely broken out.”
Gold Trades Above $2,100
In a series of tweets, Schiff noted that the price of gold traded above $2,100 for the first time in its history in a “far more significant” move than the price of Bitcoin moving over $40,000.
Bitcoin Needs a Rally
Bitcoin would still need to rally more than 60% to make a new all-time high, while “gold is in a fast market now.”
Bitcoin’s Correlation with Gold Market
The founder of CryptoQuant, Ki Young Ju, has recently noted that Bitcoin has entered a negative correlation with the stock market’s benchmark index, the S&P 500, suggesting it’s no longer trading like a tech stock but instead as digital gold.
Standard Chartered’s Bitcoin Predictions
Last week Standard Chartered reaffirmed an earlier forecast that BTC’s price will hit $100,000 by the end of next year. The bank had earlier forecasted that BTC would hit a value of $120,000 by the end of next year, attributing this prediction to Bitcoin’s established reputation as a dependable safe haven asset.
Hot Take: Gold Vs. Bitcoin
The price of Bitcoin recently surged over $40,000, but gold is trading at far more significant highs. As established investors weigh in, it’s apparent that both assets can offer considerable upside potential in today’s markets. While BTC’s future remains uncertain, gold’s established history may provide a safe haven for investors around the world to consider. Both, however, remain volatile and sophisticated investments that require careful consideration.
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