Digital Gold? Bitcoin’s Correlation With Gold Reaches Yearly Highs

Living up to its reputation as “digital gold”, Bitcoin’s correlation with the physical commodity appears to actually be rising over recent weeks.  The correlation coefficient between both assets hit a yearly high of 0.4 last week – its highest point in over a year.  “Digital Gold” Coming True? As noted by the crypto market data provider Kaiko, Bitcoin’s correlation with gold since last year has oscillated between positive 0.2 and negative 0.2. In other words, the movements of one asset…

How the Russia-Ukraine Conflict Affects Gold and Bitcoin Performance

Bitcoin and gold are the leading indicators of how their respective markets handle a crisis. Currently, these two assets are feeling the full effect of the Russia-Ukraine conflict, which has severely impacted financial markets worldwide. However, their performances have been quite the opposite so far. As the stocks markets came crashing down, Bitcoin and gold battled to become the better inflation hedge. Since the armed conflict is far from over, we cannot establish a winner. However, we can use the…

JP Morgan Says Bitcoin Could Reach $150k – If Volatility Drops

If Bitcoin became as big as gold, it would be worth $150,000, JP Morgan suggests. But not before its volatility becomes equal to that of gold. Analysts at the investment bank JP Morgan upped their theoretical value of Bitcoin based on comparison with gold. Namely, if Bitcoin's market cap reached that of all privately-held investment gold, BTC would be at $151,000. The estimate is up from the last month's $146,000. However, with Bitcoin's volatility taken into account, the numbers look…

SEBA Bank Launches Its Own Crypto Gold Token

The Swiss are taking the gold - to the Ethereum blockchain. After announcing the move back in March this year, Swiss bank SEBA issued its gold-backed stablecoin. The token will allow users to own physical gold digitally. The bank will record the ownership on the Ethereum blockchain - an immutable ledger used to record crypto transactions. Specifically, SEBA says that the token will give investors a more accessible way to hold gold. In particular, investors can use the token to…

Could Bitcoin Reach $250,000? Hedge Fund Manager Says Yes, Calls it ‘Digital Gold’

Hedge fund manager Mark Yusko is not concerned with the recent Bitcoin dip. The oldest and most significant crypto dropped to $56,000, 16% below the all-time high of $68,000. Despite that, Yusko thinks that Bitcoin is still on its way to reaching $250,000. Mark Yusko, CEO of hedge fund Morgan Creek, explained why he thinks Bitcoin could reach a per-coin price of $250,000. He did not pull that number out of the air, said the hedge fund manager and Bitcoin…

Recent Survey Shows 77% of Russian Investors Prefer Bitcoin to Gold

Based on a recent survey metrics, 77% of Russian investors take bitcoin or cryptocurrency as a superior investment tool than gold. Only 9% believe that gold is a better investment option. There was also another 14% who stated that they believe that familiar national currencies are the best choice. For the longest time, people have considered gold the safest and most common form of investment when it comes to investments. However, cryptocurrency adoption is spreading like a bushfire. People are…

Newcrest Mining CEO: Crypto Investors Need Gold to Hedge Against Price Volatility

Sandeep Biswas, CEO of Newcrest Mining, one of the world's largest gold mining companies,  suggested that crypto investors should consider buying gold to hedge against the crypto market's high price volatility. In an interview today, Biswas told Bloomberg that part of the reason crypto investors should acquire the popular bullion is that its value is more stable. According to the CEO, owning gold will be in the best interest of cryptocurrency investors. Hedging Against Price Volatility Biswas’ comment comes on the…

Bitcoin Could Become a Reserve Currency – Former Canadian Prime Minister

Stephen Harper, the former Prime Minister of Canada, has expressed a favorable opinion on popular cryptocurrency Bitcoin (BTC).  He believes that Bitcoin could integrate the currency reserves of global countries in the future. Bitcoin a viable alternative to the US Dollar Stephen Harper shared his views in an interview during the Vancouver Resource Investment Conference. Harper spoke of Bitcoin in the context of a weakening US dollar (USD), which is the most important reserve currency for large economies. The former…

3 Reasons Why Bitcoin Will do Better than Gold in 2021

On December 17th, 2020, bitcoin's price surged for a few hours, breaking its November record and hitting 23,800 US dollars, the highest unit price ever recorded. At this point, some investors foresaw an even better future, with better gains.  Ever since the inception of Bitcoin in 2009, the asset has proved to be one of the most prolific financial investments of the 21st century, paralleling other investment assets, including equity. Due to those recent events in bitcoin's unit price, it's…

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