{"id":663203,"date":"2024-12-17T05:30:37","date_gmt":"2024-12-17T05:30:37","guid":{"rendered":"https:\/\/ktsl888.com\/?p=663203"},"modified":"2024-12-16T17:38:06","modified_gmt":"2024-12-16T17:38:06","slug":"bitcoin-hits-record-high-against-gold-what-it-means-for-btc-price","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-hits-record-high-against-gold-what-it-means-for-btc-price\/","title":{"rendered":"Bitcoin Hits Record High Against Gold: What It Means For BTC Price?"},"content":{"rendered":"

Amid its historic price action, Bitcoin (BTC) has quietly hit a new all-time high (ATH) against gold. The insight was highlighted by veteran trader Peter Brandt in an X post.<\/span><\/p>\n

Bitcoin Hits New ATH Against Gold: Room For Further Growth?<\/span><\/h2>\n

Brandt\u2019s <\/span>analysis<\/span><\/a> revealed that the BTC-to-gold ratio has reached a new ATH of 32.19 ounces of gold per BTC. In his post, the seasoned trader also took a subtle dig at long-time gold advocate Peter Schiff, a vocal Bitcoin critic.<\/span><\/p>\n

Related Reading: Bitcoin Price Surge In 2024 Not Enough To Beat Gold\u2019s Risk-Adjusted Returns \u2013 Details Here<\/a><\/div>\n

For those unfamiliar, the BTC-to-gold ratio measures Bitcoin\u2019s performance relative to gold, showing how many ounces of gold are needed to purchase one whole BTC. This metric underscores Bitcoin’s growing dominance as a store of value.<\/span><\/p>\n

Brandt further noted that the next target for Bitcoin is 89 ounces of gold per BTC, suggesting significant room for Bitcoin to grow against the precious metal. This aligns with the broader narrative within the crypto industry that Bitcoin is poised to challenge gold\u2019s $15 trillion market cap.<\/span><\/p>\n

\"btcgold\"
Source: Peter Brandt on X<\/a><\/figcaption><\/figure>\n

It\u2019s worth recalling that Brandt previously <\/span>predicted<\/span><\/a> Bitcoin would rise 400% relative to gold by 2025. Back in October, he projected that BTC could reach the equivalent of 123 ounces of gold based on historical market patterns.<\/span><\/p>\n

A recent report by trading firm Bernstein added weight to this narrative, <\/span>forecasting<\/span><\/a> that Bitcoin is on track to replace gold as the preferred safe-haven asset within the next 10 years. As of now, BTC boasts a market cap of $2.11 trillion, steadily closing in on gold\u2019s dominance.<\/span><\/p>\n

Similar forecast was made by one of the earliest Bitcoin advocates, Eric Voorhees. The CEO of ShapeShift crypto exchange made a bold prediction, <\/span>saying<\/span><\/a> that unlike gold or oil, BTC\u2019s digitally-programmed supply scarcity will drive its price upwards.<\/span><\/p>\n

Additionally, Nate Geraci, President of the ETF Store, <\/span>predicts<\/span><\/a> that Bitcoin-based exchange-traded funds (ETFs) could surpass gold ETFs in total assets under management within the next two years. Supporting this outlook, <\/span>data<\/span><\/a> from SoSoValue indicates that cumulative net inflows into all spot BTC ETFs currently stand at $35.6 billion, compared to gold ETFs, which sit at $55 billion.<\/span><\/p>\n

Implications Of A Potential BTC Strategic Reserve<\/span><\/h2>\n

With BTC surpassing the pivotal $100,000 price level, speculation has grown regarding President-elect Donald Trump\u2019s approach to digital assets. Industry experts believe that Trump may prioritize Bitcoin adoption early in his second term, further boosting BTC\u2019s price.<\/span><\/p>\n

Related Reading: BlackRock Declares Bitcoin The New \u2018Gold Alternative\u2019 \u2013 Here\u2019s Why<\/a><\/div>\n

Data supports this optimistic view. According to crypto analyst Ali Martinez, the number of BTC whales – wallet addresses holding more than 1,000 BTC – has skyrocketed since Trump\u2019s election victory.<\/span><\/p>\n

\"btc
Source: Ali Martinez on X<\/a><\/figcaption><\/figure>\n

This optimism is further fuelled by <\/span>speculation<\/span><\/a> surrounding a potential US strategic Bitcoin reserve. Prominent financiers <\/span>argue<\/span><\/a> that if the US were to create such a reserve, China and other nations would likely follow suit to remain competitive. At press time, BTC trades at $106,909, up 3.7% in the past 24 hours.<\/span><\/p>\n

\"bitcoin\"
BTC trades at $106,909 on the daily chart | Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from Unsplash, Charts from X and TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Amid its historic price action, Bitcoin (BTC) has quietly hit a new all-time high (ATH) against gold. The insight was highlighted by veteran trader Peter Brandt in an X post. Bitcoin Hits New ATH Against Gold: Room For Further Growth? Brandt\u2019s analysis revealed that the BTC-to-gold ratio has reached a new ATH of 32.19 ounces of gold per BTC. In his post, the seasoned trader also took a subtle dig at long-time gold advocate Peter Schiff, a vocal Bitcoin critic. Related Reading: Bitcoin Price Surge In 2024 Not Enough To Beat Gold\u2019s Risk-Adjusted Returns \u2013 Details Here For those unfamiliar, the BTC-to-gold ratio measures Bitcoin\u2019s performance relative to gold, showing how many ounces of gold are needed to purchase one whole BTC. This metric underscores Bitcoin’s growing dominance as a store of value. Brandt further noted that the next target for Bitcoin is 89 ounces of gold per BTC, suggesting significant room for Bitcoin to grow against the precious metal. This aligns with the broader narrative within the crypto industry that Bitcoin is poised to challenge gold\u2019s $15 trillion market cap. It\u2019s worth recalling that Brandt previously predicted Bitcoin would rise 400% relative to gold by 2025. Back in October, he projected that BTC could reach the equivalent of 123 ounces of gold based on historical market patterns. A recent report by trading firm Bernstein added weight to this narrative, forecasting that Bitcoin is on track to replace gold as the preferred safe-haven asset within the next 10 years. As of now, BTC boasts a market cap of $2.11 trillion, steadily closing in on gold\u2019s dominance. Similar forecast was made by one of the earliest Bitcoin advocates, Eric Voorhees. The CEO of ShapeShift crypto exchange made a bold prediction, saying that unlike gold or oil, BTC\u2019s digitally-programmed supply scarcity will drive its price upwards. Additionally, Nate Geraci, President of the ETF Store, predicts that Bitcoin-based exchange-traded funds (ETFs) could surpass gold ETFs in total assets under management within the next two years. Supporting this outlook, data from SoSoValue indicates that cumulative net inflows into all spot BTC ETFs currently stand at $35.6 billion, compared to gold ETFs, which sit at $55 billion. Implications Of A Potential BTC Strategic Reserve With BTC surpassing the pivotal $100,000 price level, speculation has grown regarding President-elect Donald Trump\u2019s approach to digital assets. Industry experts believe that Trump may prioritize Bitcoin adoption early in his second term, further boosting BTC\u2019s price. Related Reading: BlackRock Declares Bitcoin The New \u2018Gold Alternative\u2019 \u2013 Here\u2019s Why Data supports this optimistic view. According to crypto analyst Ali Martinez, the number of BTC whales – wallet addresses holding more than 1,000 BTC – has skyrocketed since Trump\u2019s election victory. This optimism is further fuelled by speculation surrounding a potential US strategic Bitcoin reserve. Prominent financiers argue that if the US were to create such a reserve, China and other nations would likely follow suit to remain competitive. At press time, BTC trades at $106,909, up 3.7% in the past 24 hours. Featured image from Unsplash, Charts from X and TradingView.com<\/p>\n","protected":false},"author":619,"featured_media":663208,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,441,532,1119,93701,78790,89686,1558,15385,2209,17269],"class_list":["post-663203","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-etf","tag-btc","tag-btcgold","tag-btcusdt","tag-crypto-analysis","tag-cryptocurrency","tag-digital-asset","tag-gold","tag-peter-brandt"],"acf":[],"yoast_head":"\nBitcoin Hits Record High Against Gold: What It Means For BTC Price?<\/title>\n<meta name=\"description\" content=\"Amid its historic price action, Bitcoin has quietly hit a new ATH against gold, as highlighted by seasoned trader Peter 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