Earlier this week, Bitcoin ( BTC ) advocate and Real Vision CEO Raoul Pal said gold is breaking down against BTC. If the dominant cryptocurrency continues to gain momentum against BTC, it could strengthen its perception as a store of value.
In the past month, the price of Bitcoin gained 30.36% against the U.S. dollar, from $10,136 to $13,217. In the same period, gold has gained about 2.25%, from $1,863 to $1,903. Gold slumps against Bitcoin. Source: Raoul Pal, Bloomberg Why is Bitcoin outperforming gold and stocks?
In the past two weeks, while the price of Bitcoin rallied strongly, both gold and the U.S. stock market steadily recovered.
The confluence of three major factors likely contributed to the upsurge of Bitcoin since early October.First, PayPal’s crypto integration announcement buoyed market sentiment. Second, the institutional demand for BTC has continuously increased following Square, MicroStrategy, and Stone Ridge’s investment. Third, Bitcoin’s favorable high […]
October 25, 2020 (updated October 25, 2020) Published by StockMan