NFT News Daily Today TheBitTimes.com

Bitcoin’s future price surge and mainstream adoption could happen independently of institutional adoption of the digital currency. The connection between Bitcoin and gold goes back to Bitcoin’s origin. While it is not mentioned in the Bitcoin white paper, Satoshi Nakamoto actually referred to gold’s rarity in a Bitcointalk forum post when introducing the first version of Bitcoin (BTC) in 2009. This was to emphasize the importance of a limited supply of 21 million coins. Bitcoin’s market value is frequently matched up against gold, which boasts a total worth of $12.8 trillion, and many crypto pundits often point to the approval of a gold exchange-traded fund (ETF) in 2004 as the catalyst for the asset’s price appreciation. Currently, Bitcoin encounters resistance at the $30,000 mark, and its inability to surpass this level could lie in how institutional investors perceive the comparison of BTC and gold as stores of value. Bitcoin’s present market cap of $570 billion outshines traditi...

According to Bloomberg data, the price of gold was up about 10% year on year as of May 8, 2023, making it one of the top-performing major assets. In comparison, Bitcoin was down almost 20% during the same time period, while the S&P 500 remained relatively steady. This further reflects the present pattern of gold prices rising relative to Bitcoin prices. advertisement Based on Bloomberg’s Analysis , there is a correlation between the S&P 500’s peak and trough, its 100-week moving average, and the Bitcoin / gold ratio. Specifically, when the S&P 500 has been trading above its 100-week moving average, the Bitcoin / gold ratio has tended to be relatively high, indicating that Bitcoin is outperforming gold .  Conversely, when the S&P 500 has been trading below its 100-week moving average, the Bitcoin/gold ratio has tended to be relatively low, indicating that gold is outperforming Bitcoin. However, it is worth noting that...