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Nexo

Bitcoin Absorbing Gold’s Market Cap Leads To Record One-Week Fund Outflows

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin
0
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The digital gold narrative in 2020 has begun to boil over, with Bitcoin stealing all the financial media headlines and turning the heads of boomers and hedge funds everywhere for the first time. Recent data from, Bloomberg suggested futures interest and fund flows signaled that the precious metal’s capital had begun pour into crypto.

The same data now shows that weekly gold fund outflows have reached the highest point ever, beating the flight back to cash caused by the end of The Great Recession. Is this a sign of what’s to come, and will the monetary standard that’s lasted throughout history, finally lose its status as the ideal safe haven?

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Fund Outflows Demonstrate Strength Of Digital Gold Narrative

Bitcoin is trading at above $19,000 per BTC, while gold is struggling to get back above $1,900 an ounce. The precious metal that has throughout the ages been where investors park their capital they seek to protect, may have finally met its successor in crypto.

Bitcoin is better than gold in nearly every way, is better suited for today’s digital age. The pandemic has only accelerated the digital technology and shone a spotlight on its key benefits.

RELATED READING | GOLD BEGINS BREAKDOWN AGAINST BITCOIN, TRIGGERING 90% DECLINE ON PER OZ BASIS

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Gold performs best where investors are uncertain about the economy. There have been few times throughout history where things were as questionable as they are now. And while gold had its day to shine, surging to a new all-time high, the rare yellow metal, has since lost its luster.

Gold has only 20% year-to-date returns to show for a record-breaking rally, while Bitcoin is up well over 150% in the same timeframe. But the gains alone aren’t why gold fund outflows have reached the highest weekly level ever.

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Largest weekly outflow from gold ever.

Where you at @PeterSchiff? pic.twitter.com/zuGxmeuTJo

— Dan Held (@danheld) December 6, 2020

Bitcoin Absorbing Precious Metal Capital Is Only Just Beginning

With Bitcoin at just below $20,000, and gold struggling with resistance and seeing record outflows, demand for the precious metal might have peaked. If the leading cryptocurrency by market cap continues to surge and finally breaks the support level it is testing on the XAUBTC price chart, the precious metal could be looking at another 90% fall against BTC.

Each loss of support has resulted in such a drop in the past. The first major breakdown caused a drop of ten BTC per gold bar, to just about parity 1:1 with gold. The rise to $20,000 in 2017, made it so each gold bar was worth just a fraction at 0.1 BTC – which is where the asset is currently and about to begin its break down further.

bitcoin gold xaubtc

The gold standard is at risk of being replaced by a Bitcoin standard | Source: XAUBTC on TradingView.com

The recent bullish trend in crypto while precious metals cool down has caused gold bugs to come out in droves to bash Bitcoin. Well known gold bug Peter Schiff attacks crypto every chance he gets, and The Bullion Reserve founder Simon Mikhailovich recently joined in on the fun, comparing the digital gold narrative to “digital steak.”

RELATED READING | BLOOMBERG: FUTURES AND FUND FLOWS SHOW BITCOIN IS REPLACING GOLD

Mikhailovich says it’s nonsense, warns governments will ban Bitcoin, and more. But regardless of these critics, smart money understands that Bitcoin’s market cap remains under $500 billion, and the entire gold cap is somewhere around $10 trillion. Given the scarce BTC supply and simple math, the upside in Bitcoin is enormous compared to gold, which might be on its way out as a monetary standard for the first time in its history.

FEATURED IMAGE FROM DEPOSIT PHOTOS, CHARTS FROM TRADINGVIEW.COM

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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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