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Bitcoin’s record-breaking rally is continuing into the new year with the bitcoin to gold exchange rate touching a new all-time high of 17.38 ounces per bitcoin. According to data from Marketwatch, the new high easily surpasses the all-time high recorded on January 01, 2021, of 10.74 ounces per coin. The new milestone comes as the digital set a new all-time of over $33k.
The new record means it takes about 7 more ounces of gold or an equivalent of $13,855 for one to get a full BTC now than they did on January 1, 2017. Furthermore, the data shows that between December 1st and January 1, 2021, this exchange rate moved up by nearly 50% from 10.52 to 15.41 in favour of the digital asset. During the same period, gold remained almost static, gaining just 4.3% from 1811.51 to $1898.60 per ounce.
From around the start of the last quarter of 2020, when Square Inc and Microstrategy kicked off the institutional investor embrace of bitcoin, the digital asset’s price has 200%. According to markets.Bitcoin.com data, BTC surged from $10,576 on October 1 to over $33,099 on the second day of the new year.
Meanwhile, as institutional investor interest in BTC continues to rise, many bitcoiners and non-bitcoiners predict the current price rally to endure. For instance, Boris Schlossberg, the managing director at BK Asset Management, thinks BTC will set more records in the future.
Speaking in an interview recently, Schlossberg, who argues that “neither bitcoin nor gold has intrinsic value,” says BTC is now a more popular store of value than the precious metal because it’s “portable.” Schlossberg predicts that BTC value will continue to surge and he suggests it may even get to $200,000 and thereafter interest might dissipate.
Do you think BTC will continue to outperform gold? You can tell us your views in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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