During the weekend, the course Bitcoin has exceeded the symbolic mark of $106,000. Faced with this new increase, Bitcoin continues to catch up with gold, small step by small step. A situation which is expected to accelerate in the years to come, according to Bernstein’s report. Indeed, Bernstein recently said that Bitcoin could dethrone gold as soon as 2035.
- The price of Bitcoin recently crossed the symbolic mark of $106,000, reaching an all-time high against gold.
- A famous trader, Peter Brandt, highlighted that the BTC/Gold ratio has reached an all-time high, predicting a dramatic increase in the future.
New ATH on the BTC/GOLD ratio
The Bitcoin is frequently highlighted competition with gold. Indeed, the queen of cryptocurrencies is commonly presented as digital golddue to its store of value characteristics : a limited supply, independence from financial institutions, and an ability to protect against inflation.
So, the Bitcoin-to-gold ratio measures how many ounces of gold are needed to purchase one Bitcoin. Following the recent increase in Bitcoin pricethis metric has reached an all-time high.
Indeed, as trader Peter Brandt pointed out on the social network BTC/GOLD ratio reached a record at 40 ounces of gold per BTC.
“It’s now official. The Bitcoin/Gold ratio has just posted a new ATH. The next step will be 89 to 1 – it will take 89 ounces of gold to buy a single bitcoin. »
For Peter Brandt, the rise of this ratio is only the beginning. According to him, it will soon take 89 ounces of gold to buy one precious BTC.
Bitcoin surpassing gold: the crazy dream of bitcoiners
Obviously, all BTC holders have the same crazy dream: to see their asset dethrone gold on the world markets.
However, we are still far from replacing gold. Indeed, for comparison, the Total gold marketcap is valued at nearly $19 trillion. For its part, the marketcap of Bitcoin is currently $1.374 trillion. Thus, the Bitcoin marketcap would still have to increase by around 14 times to catch up with gold.
Although there is still a long way to go, Bitcoin continues to charm investors around the world. So, while they have long been reluctant about this type of asset, investment funds around the world are now turning to Bitcoin.
So much so that the giant BlackRock recently said it was “reasonable” to hold between 1 and 2% of Bitcoin (BTC) in its portfolio. Obviously, the fund manager is preaching his parish because he is behind one of the largest spot Bitcoin ETFs in the world.
