Can Bitcoin Replace Gold? Bitcoin And Gold React Differently To New Economic Data

Bitcoin news today – Bitcoin has long been considered a viable alternative for gold in financial circles, some people have even gone as far as calling it “digital gold” or “gold 2.0.” And recently thanks to some economic upheaval Bitcoin has had the chance of proving itself against its physical counterpart – gold. Both Bitcoin and Gold have been caught right in the middle of recent economic volatility, but despite this volatility Bitcoin price response and Gold price response has been significantly different.

Bitcoin News Today – Bitcoin Latest Update – Bitcoin Or Gold?

Despite the severe economic upheaval, Bitcoin has remained firmly rooted in the bull market territory, as at right now Bitcoin is trading at $11, 207 which is a gain of just about 2.8% from Bitcoin price prediction’s usual day-to-day low of about $10, 900. This bullishness in the face of upheaval has justified the low-risk investment status of Bitcoin, and set a bar for other currencies both crypto and otherwise to reach in order to attract and retain interest from investors.

Gold, on the other hand, has seen its price plummet sharply in the wake of new economic data. The recent economic data shows that the US and the global economy, in general, have been stronger than was anticipated by the business and financial analysts, this unexpected strength in worldwide economy has caused the price of Gold to plummet sharply from its highs of about $1, 420 to a current price that hovers somewhere around $1, 399. The drop shows that at the end of the day the price of Gold depends on data concerning the global economy, Bitcoin price prediction has, therefore, looked better than Gold prices generally, especially during bad market periods.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$8,165.65
2.22%

The doggedness of Bitcoin price prediction in the face of changing economic conditions just serves to buttress the fact that people who consider Bitcoin a safe haven investment are not wrong after all. Over the course of the past week, Bitcoin news has been that the Bitcoin price has fluctuated, but has also formed a positive recovery trajectory every time it has seemed to go down, this means that the Bitcoin price has clearly shown the levels of support and of resistance it enjoys on the market. However, as the winds blow in the sail of the Bitcoin price, the market expectation and pressure on Bitcoin to continue being a safe haven investment will only get higher as the price at which it is being traded increases.

Bitcoin News Today – Bitcoin Latest Update – Cryptocurrency Market Votes for Bitcoin Over Gold

Right now, if we assume that the current levels of support and resistance Bitcoin price enjoys will remain constant for at least the nearest future then the pressure on Bitcoin’s price to remain on an upward trajectory and still sell should reach its peak at around $12, 000 which is actually not so far above the current market Bitcoin price prediction.

Several business analysts, Bitcoin news followers, economists, and just plain crypto enthusiasts had their say about the matter on social media. And while we have certainly not seen the end of this drama it is quite clear that everyone favors Bitcoin over Gold right now.

What do you think about our Bitcoin news today? Is Bitcoin a viable alternative to gold? Share your thoughts in the comment section below.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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