25/03/2021
Bitcoin (BTC) is now worth more than at any time in its history, as the largest cryptocurrency breaks through the $50,000 mark.
Data recorded Wednesday by market commentator Holger Zepitz confirms that an ounce of gold can now buy as little as 0.0352 BTC.
XAU/BTC waterfalls new depth
Since the price of gold hit a new historic high on Wednesday, it has become even cheaper in bitcoins : At the time of writing, an ounce was worth $1.794, which is equivalent to 0.0349 BTC.
Bitcoin eats gold in a graph! Zschaepitz said in the comments.
Gold at bitcoin prices. Source: Holger Zschaepiec/Twitter/Bloomberg
In a comment, analyst Ecoinometrics added that gold’s lagging behind bitcoin will only get worse when looked at over a longer period of time.
On the 28th. In December 2020, bitcoin’s risk-adjusted return exceeded 270%, compared to 24% for gold. The four-year returns show an identical contrast: 2.675% versus 64% for bitcoin and gold, respectively.
When comparing bitcoin to gold, don’t zoom in or gold will become a horizontal axis, notes Ecoinometrics with accompanying charts.
Bitcoin vs Gold – Risk Comparison. Source: Econometrics/Twitter
ship keeps bitcoin current
Despite the numbers, gold bugs continue to pit bitcoin against the precious metal and predict nasty consequences for BTC holders, as the correlation between the two assets has dropped significantly since September 2020.
90-day moving correlation between bitcoin and gold, VIX, USD and S&P 500. Source: Digital asset data
Among them is Peter Schiff, who in his recent Twitter altercation with his followers – including his son, bitcoin hodler Spencer Schiff – claimed that BTC/USD is destined to go to zero.
When asked if the process would take thousands of years or longer, Bitcoin Foundation founder Charlie Shrem replied to Schiff that it should happen much sooner.
Are you serious? I doubt it will last that long, he said.
But #Bitcoin could still be a bet for years after its near-zero collapse, so who knows how long it will take for this bet to disappear completely.
A $1 million bitcoin, he added, is highly unlikely.
Spencer then reminded him of a prediction he made in June 2020, in which Schiff said bitcoin was unlikely to reach $50,000.
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