Bitcoin’s record-breaking rally continues into the new year. The Bitcoin to Gold exchange rate reached a new all-time high of 17.38 ounces per Bitcoin. According to Marketwatch, the new high significantly exceeds the all-time high of 10.74 ounces per coin recorded on January 1, 2021. The new milestone comes when the digital set hits a new all-time value of over $ 33,000.
The new record means it would take about 7 ounces more gold, or the equivalent of $ 13,855, to receive a full BTC than it did on Jan 1, 2017. In addition, the data shows that between December 1 and January 1, 2021, the exchange rate rose almost 50% from 10.52 to 15.41 in favor of the digital asset. During the same period, gold remained virtually unchanged, increasing by only 4.3% from $ 1,811.51 to $ 1,898.60 per ounce.
Around the beginning of the final quarter of 2020, when Square Inc and Microstrategy sparked the adoption of Bitcoin by institutional investors, the price of the digital asset is at 200%. According to data from Markets.Bitcoin.com, BTC rose from $ 10,576 on October 1st to over $ 33,099 on the second day of the new year.
As institutional investors’ interest in BTC continues to grow, many Bitcoiners and non-Bitcoiners are predicting that the current price rally will continue. Boris Schlossberg, managing director of BK Asset Management, assumes, for example, that BTC will set further records in the future.
In a recent interview, Schlossberg said that “neither Bitcoin nor gold have an intrinsic value”, that BTC is now a more popular store of value than precious metal because it is “portable”. Schlossberg predicts that BTC value will continue to rise, and he suggests it will even hit $ 200,000 and interest may fade after that.
Do you think BTC will continue to outperform gold? You can let us know what you think in the comments section below.
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