The post Bitcoin’s Breakout? Expert Predicts Gold’s Biggest Disaster appeared on BitcoinEthereumNews.com.

Jeff Park, Head of Alpha Strategies at Bitwise Asset Management, has gone on record to suggest that recent developments at the gold market might trigger a mass exodus to Bitcoin. Notably, the Bank of England is under scrutiny for extended delivery times on physical gold, fueling renewed debate about the reliability of gold-backed assets. As a reaction, Park writes via X: “I’m counting down the days until a logistical disaster (or outright fraud) in the physical delivery of these assets shatters the faith of even the most devout gold believers, driving them straight into Bitcoin’s arms,” Park wrote via X. Bitcoin Over Gold Park’s statement comes amid reports that the Bank of England, which purportedly holds around 5,000 metric tonnes of gold, has delayed deliveries from what used to be a few days to four-to-eight weeks. According to a source familiar with the matter, “The wait to withdraw bullion stored in the Bank of England’s vaults has risen from a few days to between four and eight weeks,” indicating that the central bank is “struggling to keep up with demand.” Market observers attribute these delays to an unprecedented surge in transatlantic shipments and rising gold inventories in the United States. “People can’t get their hands on gold because so much has been shipped to New York, and the rest is stuck in the queue,” an industry executive told reporters. The central bank’s backlog has coincided with growing stockpiles on the Comex commodity exchange in New York, which has seen its gold inventory rise nearly 75%—from 533 metric tonnes to 926 metric tonnes—since November’s US election. Park further underscored the industry’s history of logistical and fraud incidents by pointing to two notable scandals. He first mentioned the Qingdao Metal Scandal. “Here’s the hilarious story called the Qingdao Metal Scandal,” Park wrote.…

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Filed under: News - @ February 13, 2025 8:24 pm