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Nexo

Bitcoin and Gold “Miners Multiple” Points To Drastically Different Price Peaks

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin
0

Throughout history, the story has always been about silver and gold. But since Bitcoin was born, gold now has to compete with a better-built, digital counterpart. The arms race for the fastest-growing safe haven asset is on, and currently, Bitcoin is in the lead despite such an enormous head start by the precious metal.

That’s also likely to continue, according to a mathematic formula dubbed the “Miners Multiple” that says Bitcoin will reach substantially better ROI compared to the original safe-haven asset.

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Bitcoin Likely To Beat Precious Metal At Its Own Game Henceforth

Bitcoin is regularly compared to gold, earning it the “digital” moniker. The cryptocurrency’s creator sought to develop a digital currency that shared various similarities with gold – chiefly, its scarce supply.

Satoshi Nakamoto wanted to give Bitcoin both attributes of a currency and a commodity, adding an element of rarity and putting it in direct opposition to fiat currencies. Thus, the Bitcoin code is written so that only 21 million BTC will ever exist.

RELATED READING | GOLD CHART SHOWS WHY BITCOIN IS THE FASTEST HORSE IN RACE AGAINST INFLATION

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The amount of gold produced by mining it from the Earth’s crust may be finite, but any limit or total supply is unknown. Mining is central to Bitcoin as it is with gold, albeit under vastly different circumstances.

Cryptocurrencies miners aren’t digging in the dirt searching for something shiny; they’re crunching numbers and solving mathematical equations to unlock more BTC block rewards.

Regardless of the method used, however, the scarcity and slow-trickle of supply can potentially reveal the asset’s potential peak value. And according to those figures, the idea that Bitcoin will be the fastest horse in the race against inflation couldn’t be more truthful.

Gold "Miners Multiple". Starting at 1970. Inflation corrected. Based on yearly data. Gold price of $4000,- would bring it to its biggest peak(1980). "Miners Multiple" in #bitcoin would mean an 11x increase towards $122 000,- (equal to peak 2017). 2x vs. 11x pic.twitter.com/hPl8cN5fnj

— GeertJancap (@Geertjancap) September 28, 2020

Miner Multiple Brings BTC To 11X Returns, While Gold To Only Double

The Miners Multiple is a mathematical formula that attempts to present a possible peak value in gold or Bitcoin, based on past peaks and supply. According to the formula, Bitcoin price will reach $122,000 per BTC at its next peak, while gold’s target is just $4,000.

Earlier in 2020, billionaire hedge fund manager Paul Tudor Jones championed Bitcoin over gold, pointed out similarities between the cryptocurrency and the precious metal in the 1970s, and told the world the asset was likeliest to be the “fastest racehorse in the race against inflation.”

RELATED READING | GOING DIGITAL: BITCOIN BEATS GOLD AND SILVER IN YEAR-TO-DATE RETURNS

In the 1970s, gold traded at just $32 and is now back under 2020 highs of over $2000. This incredible ROI hasn’t been replicated often in the finance world. Bitcoin, however, has easily beaten these figures, and will continue to do so, says the Miners Multiple.

The data suggests that from current prices, gold price per ounce may only “2x” while Bitcoin’s returns would be an “11x” from here. The chart below, demonstrates the latest date in which that will occur, so long as. the cryptocurrency remains in this pitchfork channel.

bitcoin btc 122k

BTCUSD Monthly Potential Peak Based on Miners Multiple = $122,000 | Source: TradingView
Featured image from DepositPhotos, Charts from TradingView
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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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