Bitcoin Still Leads Gold Despite Record High Prices: Bloomberg Analyst
The post Bitcoin Still Leads Gold Despite Record High Prices: Bloomberg Analyst appeared on BitcoinEthereumNews.com.
Bitcoin continues to maintain a lead over gold, even as the precious metal hits record highs. Bloomberg’s senior ETF analyst, Eric Balchunas, has highlighted the narrowing gap between the two assets. Despite the metal’s recent surge and significant inflows into gold-backed ETFs, the crypto’s dominance as a store of value remains evident. The ongoing rivalry between BTC and the yellow metal is fueling debates among investors, which has already received immense traction lately amid economic uncertainties. Bitcoin Maintains Lead Despite Gold’s Recent Surge The Bitcoin vs. gold debate was one of the hottest topics in the financial market recently, amid the growing competition between the two assets. Recently, the yellow metal prices hit a new high of $2,530, gaining significant attention. Meanwhile, Eric Balchunas highlights that investors have poured $2 billion into the SPDR Gold Trust (GLD) ETF in just six weeks, capitalizing on the metal’s 24% gain over the last 6 months. Notably, this rally, according to Balchunas, has crushed the performance of traditional stocks, reflecting the yellow metal’s appeal as a safe haven during economic uncertainties. However, he noted that BTC has not been left in the dust. The Bloomberg analyst said that the crypto still holds a narrow lead against the precious metal in terms of performance. In addition, he mentioned that while the precious metal is finally reaping the rewards of its recent gains, the crypto’s lead remains intact with a slim margin of around 500 basis points. Source: Eric Balchunas, X The correlation between crypto and metal has gained notable attention from market participants lately. As crypto matures and sees wider acceptance, its role as a store of value is often compared to the metal. Notably, both these assets have emerged as popular choices for those seeking a hedge against the weakening US dollar and…
Filed under: News - @ August 20, 2024 6:19 pm