Bitcoin Hits Record High Against Gold: What It Means For BTC Price? - ADVFN

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Name	Symbol	Market	Market Cap ($)	Algorithm
Flow	FLOWUSD	Crypto	1,218,116,775	Unknown

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00	0.00%	0.788	0.788	0.789

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.797	0.743	0.781	0.788	0.440000 - 1.70

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	10:09:38	107.88	0.787	USD

Price x Volume	Volume	Base Symbol	Related Pairs
374,290.28	480,109.19	FLOW	FLOWEUR	FLOWGBP	FLOWBTC

Bitcoin Hits Record High Against Gold: What It Means For BTC Price?

17/12/2024 5:30am

NEWSBTC

Amid its historic price action, Bitcoin (BTC) has quietly hit a new all-time high (ATH) against gold. The insight was highlighted by veteran trader Peter Brandt in an X post. Bitcoin Hits New ATH Against Gold: Room For Further Growth? Brandt’s analysis revealed that the BTC-to-gold ratio has reached a new ATH of 32.19 ounces of gold per BTC. In his post, the seasoned trader also took a subtle dig at long-time gold advocate Peter Schiff, a vocal Bitcoin critic. Related Reading: Bitcoin Price Surge In 2024 Not Enough To Beat Gold’s Risk-Adjusted Returns – Details Here For those unfamiliar, the BTC-to-gold ratio measures Bitcoin’s performance relative to gold, showing how many ounces of gold are needed to purchase one whole BTC. This metric underscores Bitcoin’s growing dominance as a store of value. Brandt further noted that the next target for Bitcoin is 89 ounces of gold per BTC, suggesting significant room for Bitcoin to grow against the precious metal. This aligns with the broader narrative within the crypto industry that Bitcoin is poised to challenge gold’s $15 trillion market cap. It’s worth recalling that Brandt previously predicted Bitcoin would rise 400% relative to gold by 2025. Back in October, he projected that BTC could reach the equivalent of 123 ounces of gold based on historical market patterns. A recent report by trading firm Bernstein added weight to this narrative, forecasting that Bitcoin is on track to replace gold as the preferred safe-haven asset within the next 10 years. As of now, BTC boasts a market cap of $2.11 trillion, steadily closing in on gold’s dominance. Similar forecast was made by one of the earliest Bitcoin advocates, Eric Voorhees. The CEO of ShapeShift crypto exchange made a bold prediction, saying that unlike gold or oil, BTC’s digitally-programmed supply scarcity will drive its price upwards. Additionally, Nate Geraci, President of the ETF Store, predicts that Bitcoin-based exchange-traded funds (ETFs) could surpass gold ETFs in total assets under management within the next two years. Supporting this outlook, data from SoSoValue indicates that cumulative net inflows into all spot BTC ETFs currently stand at $35.6 billion, compared to gold ETFs, which sit at $55 billion. Implications Of A Potential BTC Strategic Reserve With BTC surpassing the pivotal $100,000 price level, speculation has grown regarding President-elect Donald Trump’s approach to digital assets. Industry experts believe that Trump may prioritize Bitcoin adoption early in his second term, further boosting BTC’s price. Related Reading: BlackRock Declares Bitcoin The New ‘Gold Alternative’ – Here’s Why Data supports this optimistic view. According to crypto analyst Ali Martinez, the number of BTC whales – wallet addresses holding more than 1,000 BTC – has skyrocketed since Trump’s election victory. This optimism is further fuelled by speculation surrounding a potential US strategic Bitcoin reserve. Prominent financiers argue that if the US were to create such a reserve, China and other nations would likely follow suit to remain competitive. At press time, BTC trades at $106,909, up 3.7% in the past 24 hours. Featured image from Unsplash, Charts from X and TradingView.com

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