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Blog

Date:
31st Mar 2021
Author:
Dalmas Ngetich, for CryptoAltum News Team

Bitcoin Will Flip Gold Faster Than Most People Think

Bitcoin is 'sucking capital out of gold' and will flip the yellow metal faster than most people think. This is theviewof Willy Woo, an on-chain analyst. He compares the accelerated growth of Bitcoin over the last few months with the tepid performance of gold over the same period. Over time, and especially Wall Street investors' entrance, BTC has been metamorphosing into a store-of-value that can also act as a medium of exchange, as the USD.


Details:

Crypto proponents are understandably cocky, confident of more price gains in the coming year. As BTC charts higher, it will come at the expense of gold. Lessons, they explain, can be learned from how silver lost its monetary value. The depreciation came in faster and flexible traders who swapped for gold preserved value. Gold finds itself in that position and is due for an upgrade, meaning BTC is ready to take over. Still, gold is widely adopted with a superior market cap, thus offering a certain level of stability, gold bugs argue, that "'Bitcoin can't presently provide.'


Impact on BTC Prices:

Bullish. The comparison between BTC and gold will continue. Meanwhile, BTC seemsundervalued, providing value traders an opportunity to recalibrate their portfolios and assign more weight to gold. Analysts are positive BTC/USD will reach $100k in the medium term.


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