Bitcoin is now even more expensive than a kilo of Gold.
At its high today of $57,705, one Bitcoin smashed past the price of a kilo bar of gold.
Early this week, in a Twitter argument with Peter Schiff on the relative merits of Bitcoin compared with gold as a store of value, Tesla CEO Elon Musk stated, “you might as well have crypto.”
Musk had been known for market-moving tweets in the crypto-verse, however this week, his Twitter pumping powers have been divinatory. As of now, you might as well have a bitcoin over a bar of gold if you want to retain its value.
Today at 10:49 UTC, Bitcoin hit its apex at $57,634, exceeding further than the approximately $57,336 price calculated for a kilo of Gold on TradingView.
When the fiat money falls, crypto and gold will rise.
The price of gold connected to Bitcoin is at an all-time low, while Bitcoin’s price itself is at an all-time high.
Last year, the value of the US dollar fell hardly because of quantitative easing measures. The US Federal Reserve quickly printed an unprecedented amount of money. While the government statistics stated that the inflation rate was only 1%, the cost of living and the price of essentials and services rose during the pandemic.
By this time, gold and Bitcoin both went up as well. Last July 1, a kilo of gold amounted to $57,093. By August 4, it was $65,477. At the same time, the price of Bitcoin rose from $9,145 to a high last August 2 of $12,034. With the world’s premier reserve currency failing, investors have been drawn to both gold and Bitcoin as hedges against inflation.
Since then, the price of gold has declined, although it has more or less remained stable. The real mover here is Bitcoin, which is up by almost five times.
For up-to-date Cryptocurrency, Blockchain, and Crypto-mining news, please join our Telegram Channel.