Bitcoin’s record-breaking rally continues into the new year, with the bitcoin-to-gold exchange rate hitting a new record high of 17.38 ounces per bitcoin. According to data from Marketwatch, the new high easily surpasses the all-time high recorded on January 1, 2021 of 10.74 ounces per coin. The new milestone comes as the digital set a new record of more than $ 33k.
The new record means that it takes about 7 ounces of gold or the equivalent of $ 13,855 to complete a full BTC now then on January 1, 2017. In addition, the data shows that between December 1 and January 1, 2021, this exchange rate increased by almost 50% from 10.52 to 15.41 in favor of the digital asset. During the same period, gold remained almost static, to win only 4.3% from 1811.51 to $ 1898.60 an ounce.
From about the start of the last quarter of 2020, when Square Inc and Microstrategy kicked off the institutional investor embraces bitcoin, the price of the digital asset is 200%. According to markets.Bitcoin.com data, BTC rose from $ 10,576 on Oct. 1 to over $ 33,099 on the second day of the New Year.
Meanwhile, as an institutional investor interested in BTC continues to rise, many bitcoiners and non-bitcoiners predict that will endure the current price hike. That’s how Boris Schlossberg, the director of BK Asset Management thinks BTC will set more records in the future.
Speak in one interview recently, Schlossberg, who argues that “neither bitcoin nor gold has intrinsic value,” says BTC is now a more popular value store than the precious metal because it is ‘portable’. Schlossberg predicts that BTC the value will continue to rise and he suggests it could get as high as $ 200,000 and then interest rates could disappear.
Do you think BTC will it continue to do better than gold? You can give us your thoughts in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or invitation to an offer to buy or sell, or a recommendation or endorsement of products, services, or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.