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bitcoin gold xaubtc
Nexo

Bitcoin Is Replacing Gold At An “Accelerating Pace”

Tony Spilotro by Tony Spilotro
1 month ago
in Bitcoin
0

The narrative taking place across the finance industry, is that cryptocurrencies like Bitcoin and Ethereum are the way of the future and gold’s days are numbered as a store of value.

While the “digital gold narrative” has already taken a major dent out of the precious metal’s momentum, according to a top Bloomberg Intelligence analyst, “most indicators point to” Bitcoin replacing the aging asset an an “accelerating pace.”

Bitcoin Is Replacing Gold As “Store Of Value In Investor Portfolios”

The term “gold standard” exists because the asset has stood the test of time as the best form of money the world has historically ever seen. Fiat currencies were once pegged to the precious metal, and today it still used as an investment and hedge against inflation or economic distress.

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

But that was a time before Bitcoin. Nearly everything that makes gold “precious” the cryptocurrency can do, and then some. And beyond the underlying protocol as an application layer, the asset’s fully transparent, hard capped supply of only 21 million BTC is perhaps the asset’s most valuable attribute – essentially raising the gold standard the precious metal itself set.

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bitcoin gold xaubtc

Gold has a lot more to fall against the leading cryptocurrency if history repeats | Source: XAUBTC on TradingView.com

Bitcoin is in its infancy and will continuously be built upon, while gold will remain the same old store of value it has always been. The metal offers no upgradability, isn’t as scarce or transparent, is costly to move in large amounts – the list of ways Bitcoin beats gold could go on and on.

Which is exactly why Bloomberg Senior Commodity Strategist Mike McGlone says that “most indicators point” to the asset replacing gold at an “accelerating pace.”

Digital #Gold Pushing Aside the Old Guard –
Gold will always have a place in jewelry and coin collections, but most indicators point to an accelerating pace of #Bitcoin replacing the metal as a store of value in investor portfolios. pic.twitter.com/RR0CCWmksF

— Mike McGlone (@mikemcglone11) March 8, 2021


Not So Fast: How Gold Could Make A Short-Term Comeback Against Crypto

McGlone is clear to say “most indicators,” because not all indicators are suggesting the pace will continue so sharply, at least for the time being. There’s no denying that gold’s days are indeed numbered as store of value compared to Bitcoin, and that trend will continue.

At a more than $10 trillion and $1 trillion respectively, the gold market cap and the Bitcoin market cap will likely come closer to parity over the next several years. But for now, a short-term correction where gold gains some ground against BTC, could be in the cards.

bitcoin gold xaubtc td9

TD9 sell setup could suggest a short-term reversal is near | Source: XAUBTC on TradingView.com

According to the TD Sequential on monthly timeframes, gold is poised for a reversal against Bitcoin. This could either be due to a collapse in Bitcoin, or a sizable increase in gold relative to the cryptocurrency.

RELATED READING | BITCOIN MARKET CAP TOPS $1 TRILLION FOR FIRST TIME EVER

It is important to note, however, that when assets are in a powerful enough trend, these signals can be ignored. For example, the TD 13 sell signal from the last major peak in Bitcoin barely caused a change in the tide for the precious metal.

The long term trend for Bitcoin is up, while gold could fall relative to the cryptocurrency for the foreseeable future. The only question for now, is will there be a short-term reversal to prepare for.

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 excellent. 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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