Bitcoin has been referred to as the "Digital Gold", mostly due to its store of value. This inter-asset study shows the historical performance of Bitcoin and an asset linked closely with, Gold. It is obvious that they display remarkable similarities.
Of course the time frames are different but how couldn't they be, since Bitcoin is a fairly recent asset while Gold has been "widely used throughout the world as money, for efficient indirect exchange (versus barter), and to store wealth in hoards".
Fundamentally, Bitcoin can be a disruptor to Gold. Gold's power is derived by its scarcity and Bitcoin's fixed supply is at least an equivalent quality.
Despite the time frame variation, the comparison provides some useful information. During those time frames they both consolidated after a strong bullish run which was followed by a stronger hyperbolic bull sequence. Credible to the price action of their pattern, they are now on a sell channel that (based on the historic sequence) should give rise to another bull run.
What are your thoughts on the identical historical performance of Bitcoin and Gold? Can it be a guide for the future, a hint of BTC's stability as store of value?
Guide for the future. Hint for stability, store of value.
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Of course the time frames are different but how couldn't they be, since Bitcoin is a fairly recent asset while Gold has been "widely used throughout the world as money, for efficient indirect exchange (versus barter), and to store wealth in hoards".
Fundamentally, Bitcoin can be a disruptor to Gold. Gold's power is derived by its scarcity and Bitcoin's fixed supply is at least an equivalent quality.
Despite the time frame variation, the comparison provides some useful information. During those time frames they both consolidated after a strong bullish run which was followed by a stronger hyperbolic bull sequence. Credible to the price action of their pattern, they are now on a sell channel that (based on the historic sequence) should give rise to another bull run.
What are your thoughts on the identical historical performance of Bitcoin and Gold? Can it be a guide for the future, a hint of BTC's stability as store of value?
Guide for the future. Hint for stability, store of value.
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial