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Investors have traditionally regarded gold as the premiere safe-have asset. But with the increasing popularity of Bitcoin, many analysts believe that the crypto is slowly replacing the precious metal as a store of value, especially with BTC outpacing gold’s performance.
Bloomberg senior commodity strategist Mike McGlone believes that, when it comes to safe-haven assets, gold might be losing its ground to Bitcoin. “Digital #Gold Pushing Aside the Old Guard - Gold will always have a place in jewelry and coin collections, but most indicators point to an accelerating pace of #Bitcoin replacing the metal as a store of value in investor portfolios,” Mike McGlone tweeted last month.
The institutional adoption of Bitcoin is still in its infancy. However, investment bank JPMorgan already predicted that BTC will soon eat up gold’s market share in the coming years, according to Cointelegraph.
“The adoption of bitcoin by institutional investors has only begun, while for gold, its adoption by institutional investors is very advanced,” JPMorgan strategists led by Nikolas Panigirtzoglou said.”If this medium to longer-term thesis proves right, the price of gold would suffer from a structural headwind over the coming years.”
BTC has been outperforming gold in recent months. “Bitcoin’s value relative to gold has more than doubled over the past three months and has grown nearly sevenfold since October 2020,” Cointelegraph noted.
Bitcoin was trading at around $29,200 at the start of 2021 based on data from Coinmarketcap.com. Since then, it continued to soar higher and eventually set a new all-time high above $61,000 by mid-March.
At the time of writing, BTC traded at $58,442 as its price retreated after establishing last month’s ATH. However, investors remain optimistic about the crypto with Bloomberg Intelligence predicting on Tuesday predicted that Bitcoin’s price could surge to $80,000 in the second quarter.
Meanwhile, gold’s performance this year has been disappointing. Gold futures plunged below $1,700 a troy ounce Tuesday and bottomed $1,676.50, setting a new three-week low. The precious metal’s price is still 18 percent lower compared to its peak of $2,050 per troy ounce in August 2020.
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