As the Bitcoin (比特币) price edges closer to $59,000, its value relative to gold is approaching new all-time highs, possibly hinting at the emergence of a new preferred store of value.
Measured against gold, Bitcoin’s price reached 34.94 ounces on Tuesday. The BTC-gold comparative peaked at 35.35 ounces on March 13 as Bitcoin surged past $61,000.
Bitcoin’s value relative to gold has more than doubled over the past three months and has grown nearly sevenfold since October 2020.
Gold futures, 与此同时, plunged below $1,700 a troy ounce Tuesday on the Comex division of the New York Mercantile Exchange. The price bottomed at $1,676.50, marking a new three-week low. Since peaking above $2,050 a troy ounce in August 2020, bullion has corrected nearly 18%.
2020 was a big year for gold, as the yellow metal set new all-time highs in every major currency before toppling $2,000 per U.S. dollar for the first time. Bullion ended the year with a gain of around 22%. 仍然, that paled in comparison with Bitcoin’s 265% yearly return.
With the recent $1.9 stimulus package fueling inflation fears, assets like gold and Bitcoin should, 理论上, perform well as investors hedge their bets against the declining dollar. 然而, the recent rise in bond yields may have taken some of the shine away from gold.
其他, even some prominent analysts like Bloomberg’s Mke McGlone, believe gold is losing ground to Bitcoin in the battle of the safe-havens. 本月初, McGlone tweeted:
Digital #Gold Pushing Aside the Old Guard –
Gold will always have a place in jewelry and coin collections, but most indicators point to an accelerating pace of #Bitcoin replacing the metal as a store of value in investor portfolios. pic.twitter.com/RR0CCWmksF
—麦克麦格隆（Mike McGlone） (@ mikemcglone11) 行进 8, 2021
Even JPMorgan, an organization long critical of Bitcoin, has claimed that the digital currency will consume a portion of gold’s market share. “The adoption of bitcoin by institutional investors has only begun, 而黄金, 机构投资者对它的采用非常先进,” JPMorgan strategists led by Nikolas Panigirtzoglou said in a December 2020 报告. “如果这个中长期的论文证明是正确的, 未来几年，金价将受到结构性阻力。”
Bitcoin’s digital gold narrative continues to strengthen post-halving. The quadrennial deflationary event, which last occurred in May 2020, reduces the amount of new Bitcoin that enters circulation after each block is mined.