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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
bitcoin gold xaubtc

Bloomberg: Futures and Fund Flows Show Bitcoin Is Replacing Gold

Tony "The Bull" Severino, CMT
by Tony "The Bull" Severino, CMT
4 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Bitcoin as digital gold narrative is suddenly taking on such significance, hedge funds, corporations, and institutional investors have begun reallocating a portion of their gold holdings into the cryptocurrency, according to Bloomberg Intelligence.

A top senior commodities analyst for the financial forecasting giant believes that trend along with climbing Futures interest while gold declines, means that the cryptocurrency is beginning to gain the edge, price appreciation wise. Here’s why this trend will only continue well into the future.

Bitcoin Becomes Digital Gold In 2020 As Safe Haven Needs Change

Bitcoin price is trading at over $18,000 and a stone’s throw from its former peak and is up over 150% in 2020. Gold, which set a new all-time high earlier this year, has only 20% returns to show for it.

The widening gap between the performance of Bitcoin, and that of the precious metal historically used as a hedge against economic uncertainty, has begun to entice high wealth individuals and entities that seek to protect that wealth.

RELATED READING | BLOOMBERG ANALYST: BITCOIN IS “TINY” NOW, BUT “PRICE DISCOVERY STAGE” IS HERE

The dollar is in decline, and even stock market returns when adjusted for inflation aren’t compelling. Bitcoin, however, has the greatest ROI out of any asset since its inception, and it shows no signs of stopping.

Bloomberg analyst Mike McGlone and his team agree. He claims that rising Futures “open interest and investor inflows” in Bitcoin versus gold declining during the same time highlights this trend unfolding.

This could give Bitcoin an added edge in price appreciation during the current cycle that wasn’t around during the last, and be the catalyst that takes the cryptocurrency if prices closer to $500,000 per coin.

Is #Bitcoin Replacing #Gold? #Futures and Fund Flows Are Saying Yes —
Rising futures open interest and investor inflows in Bitcoin vs. the same declining for gold indicate the #cryptocurrency gaining an edge for price appreciation, in our view. pic.twitter.com/Y0wJ6nzxPc

— Mike McGlone (@mikemcglone11) November 23, 2020

Why The Cryptocurrency Will Outperform The Precious Metal Forever More

Performance aside, Bitcoin is better than gold in every way. 2020 cleared the path for an all-digital world and proved that decentralization and scarcity are extremely powerful in this day and age.

In addition to the completely capped supply versus a finite, yet always flowing supply of precious metals the cryptocurrency is uniquely coded for price expansion. The ideal example itself played out earlier this year when gold reached its all-time high. Demand was high, so mining kicked into high gear to compensate for the needed supply.

RELATED READING | FIVE REASONS WHY GOVERNMENTS WON’T BAN BITCOIN AND CAN’T STOP CRYPTO

Bringing supply to meet demand, caused the pullback. With Bitcoin, mining can never hasten and more coins can’t be extracted at a faster pace, and the built-in code even slashes the supply in half when demand started to pick up.

Price appreciation follows, and Bitcoin goes parabolic. Capital pouring out of gold and into BTC could do the trick. Gold’s market cap is roughly $10 trillion, and if Bitcoin can absorb that much money from the world, prices of $500,000 per BTC are just around the corner.

 gold bitcoin xaubtc

Gold is about to break down against Bitcoin | Source: XAUBTC on TradingView.com
Featured image from Deposit Photos, Chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Tony "The Bull" Severino, CMT

Tony "The Bull" Severino, CMT

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Tony "The Bull" Severino, CMT, a technical analyst and Head of Research at Bitcoinist. As the founder of CoinChartist.io, an educational platform for crypto traders focused on technical analysis, Tony provides his expertise to help others understand and apply this methodology. He has partnered with industry leaders like Elliott Wave International and TradingView. Through his partnerships, educational resources, and leadership roles, Tony has established himself as an authority on leveraging technical analysis to trade cryptocurrencies.

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