Bitcoin and gold have witnessed the feud between them taken to new heights by proponents of both the industries. While the supporters of the crypto world have claimed that Bitcoin has more use cases than the precious metal, gold evangelists were confident that no asset could beat the longevity of gold. Ran NeuNer, the host of Crypto Trader reignited the feud when tweeted:
“Bitcoin per Ounce Gold:
2011 584 BTC =1 Oz Gold
2012 149 BTC =1 Oz Gold
2013 6 BTC =1 Oz Gold
2014 3,5 BTC =1 Oz Gold
2015 2,5 BTC =1 Oz Gold
2016 1,6 BTC =1 Oz Gold
2017 0,18BTC =1 Oz Gold
2018 0,16BTC =1 Oz Gold
2019 0,15 BTC =1 Oz Gold “
NeuNer based his argument on the depreciating comparison factor between Bitcoin and Gold. Since Bitcoin’s inception, the cryptocurrency has only grown in Year on Year value, with some accompanying anomalies in between that saw its value shoot up or crash drastically.
Bitcoin’s price movement
At press time, Bitcoin was trading for $9330.18 with a total market cap of $168.18 billion. The world’s largest cryptocurrency also held a 24-hour market volume of $22.68 billion. Bitcoin had undergone a price surge two weeks back, which saw its value rise by a whopping 24 percent.
The price movement has also beaten market expectations because, at the mid-year point, many FinTech naysayers had predicted that Bitcoin would only sell in the $3000 range.
Gold’s price movement
The past two weeks have been a disappointing period for gold, with prices slumping on the financial indices. Major markets like India saw a slump in prices at the start of the month as the value fell off after the festival period. This taper has been consistent with the slow down over the past years, and it has also been talked about by major analysts. Samson Li, a Hong Kong-based precious metals analyst at Refinitiv GFMS, had stated:
“Spending sentiment remains weak. Gold price has to be about 30% cheaper for demand to pick up.”
Bitcoin vs. gold
The two assets have been going at it head to head since Bitcoin gained popularity, and with the advent of several crypto organizations, the digital assets have come out on top some times. This has also been the basis for Grayscale Investment’s DropGold campaign. The company released multiple adds to increasing the popularity of Bitcoin while calling out the flaws inherently present in gold.
Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.