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Bitcoin retains a slight edge over gold as the two assets' rivalry heats up, with a Bloomberg analyst noting the cryptocurrency's continued dominance despite gold’s record highs.
Bitcoin Leads Gold Despite Record Gains
Despite record highs for gold, Bitcoin remains ahead of the precious metal.
The difference between the two assets is getting less, according to Bloomberg's senior ETF analyst Eric Balchunas. There has been a lot of money flowing into gold-backed exchange-traded funds (ETFs) recently, but the crypto's supremacy as a store of value is still obvious.
Coingape reports that investors' continuous arguments about the relative merits of Bitcoin and gold have recently gained significant momentum in the face of mounting economic uncertainty.
The rising rivalry between Bitcoin and gold made it one of the most talked-about issues in the financial sector as of late. A lot of people are talking about how gold prices recently reached a new high of $2,530.
Gold-Backed ETFs See Significant Inflows
At the same time, as Eric Balchunas points out, investors have flocked to the SPDR Gold Trust (GLD) ETF, buying into the metal's 24% rise in the past six months. This influx of cash occurred in just six weeks.
Balchunas claims that traditional stock performance has been crushed by this rise, which highlights the allure of gold as a safe haven amid economic concerns.
But he did say that Bitcoin is still very much in the game. The expert for Bloomberg stated that, in terms of performance, the cryptocurrency is still slightly ahead of the precious metal. Also, he brought out the fact that the precious metal is now enjoying its recent gains, but the crypto still has a lead of about 500 basis points.
Market players have recently taken notice of the association between cryptocurrency and metal.
The comparison to gold is common as cryptocurrency grows in popularity and becomes more widely used as a medium of exchange. These assets have gained popularity as a way to protect one's wealth from the falling value of the dollar and other economic concerns that have dampened investor confidence around the world.
Kiyosaki Promotes Bitcoin and Gold Investments
Notable personalities like Robert Kiyosaki have pushed for investments in both Bitcoin and gold, which has heightened the ongoing dispute over which is the ultimate store of value. Given the ongoing depreciation of the US currency, market analysts like Kiyosaki believe that diversifying into Bitcoin, gold, and silver would be a wise move.
The performance of BTC is being constantly monitored as the price of the precious metal reaches new levels.
Although gold has always been a safe haven during economic downturns, cryptocurrencies are quickly becoming a serious threat thanks to their digital character and growing acceptability in the financial sector.
Store of Value Smackdown Intensifies
The "store of value smackdown," to use Balchunas's term, is far from finished, as the difference between the two assets is decreasing. Notably, in the wake of the metal's record-breaking climb, a deluge of headlines also predicts that Bitcoin's price will reach an all-time high.
Despite a 22% drop in trade volume to $27.65 billion, the price of bitcoin was up 3.34% to $60,421 at the time of writing. The extremely unpredictable situation in the cryptocurrency market is reflected in the extremely fluctuating price range of the cryptocurrency over the past 24 hours, which has ranged from $58,416.65 to $61,396.33.
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