Bitcoin is outshining gold by a significant margin in price terms as expectations soar of a swift global economic recovery enabled by promising coronavirus vaccines.
While the top cryptocurrency by market value has risen 22% to cross $17,000 this month, the precious metal is up just 0.5% at the current price of $1,890 per ounce.
The demand for traditional haven assets such as gold has declined this month as two Big Pharma firms, Pfizer and Moderna , announced positive results for their experimental coronavirus vaccines.
The resulting speculation that the global economy may well return to normality as soon as the second half of 2021 has triggered a rotation of money out of defensive assets and into risk assets, according to an outlook from Ole Hansen, head of commodity strategy at Saxo Bank. Bitcoin , too, is considered “digital gold” by many. However, the increased risk appetite in traditional markets and the […]
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