Bitcoin or Gold: 571,000% or -5.5% in ProBit

Bitcoin or Gold: 571,000% or -5.5% in ProBit


Bitcoin has proven to be a more profitable investment than gold.

Gold loses to Bitcoin in the 1-year and 10-year ranges.

While some are debating whether investments in bitcoin and gold can be compared, the maths gives a clear answer that doesnt favour the precious metal. The 10-year yield of gold has gone into the red while investments in Bitcoin have reached a mind-boggling 571,000%.
Bitcoin or Gold: 571,000% or -5.5% in ProBit
Back in 2017, a troy ounce of gold could get you 1 digital coin. Since then, the price of gold has fallen to be 25 times less than that of Bitcoin. Gold has always been viewed as a hedge against inflation, so its even more surprising to see it fall to a four-year low four days before the United States releases its inflation report.
Bitcoin or Gold: 571,000% or -5.5% in ProBit
Inflation is at its highest level in the past ten years. The Federal Reserve is starting to curb its bond-buying programme in Q4 and wont hike interest rates before 2023. Peter Schiff, a key proponent of gold, believes that traders are wrong to sell it. The Fed wont be able to cope with inflation in the next few years, and Bitcoin shouldnt be perceived as digital gold.

The comparison of gold to Bitcoin looks dubious: many investment tycoons, such as Jamie Dimon of J.P. Morgan and David Solomon of Goldman Sachs, criticise cryptocurrency while still creating services to invest in and trade it. In early 2021, JPM analysts predicted that Bitcoin would drive out gold as a store of value and assessed its price in the long term at $146,000.
Bitcoin or Gold: 571,000% or -5.5% in ProBit
Is Bitcoin really becoming an alternative hedge against inflation instead of gold? Today, the US CPI is being released today: if demand is still above market expectations and Bitcoin keeps growing on this news, the trend will receive another confirmation.
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