A number of indicators suggest that Bitcoin (BTC) is pushing aside gold as the premier safe-haven asset. This could set the stage for wider mainstream adoption of the digital currency, according to Mike McGlone, a senior commodity strategist at Bloomberg. McGlone tweeted Monday that the battle between the safe havens is beginning to favor Bitcoin, based on technical and fundamental indicators. He explained: “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.” Digital #Gold Pushing Aside the …

Bitcoin (BTC) will be worth "infinity" and humanity will soon give up pricing it in U.S. dollars, says the CEO of cryptocurrency exchange Kraken. Speaking to Bloomberg on March 4, Jesse Powell was characteristically bullish on Bitcoin as BTC/USD broke above $50,000. Powell: $1 million Bitcoin in ten years "reasonable" "Of course, you know, we can only speculate, but when we measure it in terms of dollars, you have to think it's going to infinity," he told Bloomberg TV about future price trajectory. "This national currency's only fifty years old, it's already showing extreme signs of weakness, and pretty soon …

Bitcoin (BTC) and Ether (ETH) are empowering but gold is "dead," billionaire Mark Cuban has told one of cryptocurrency's biggest naysayers. In a Twitter debate on Mar. 2, Cuban, who has become increasingly sympathetic to crypto, warned Peter Schiff that gold "will die" as a store of value (SOV). Cuban to Schiff: "Gold is dead, move on" Schiff, a gold bug who has long made a name for himself as a firm Bitcoin skeptic, continues to tweet disparaging comments about the phenomenon despite BTC/USD regularly hitting new all-time highs. Responding to remarks about Wall Street firms being "dumb" by buying …

Bitcoin (BTC) has delivered returns that are “unheard of” in history and ultimately leave Tesla stock in the dust. That’s according to fresh data from on-chain monitoring resource CaseBitcoin, which this week delved into Bitcoin’s astonishing compound annual growth rate (CAGR). BTC hodling: 10 years, 5,200,000% returns A familiar phrase among crypto and traditional investors alike, CAGR is often overlooked as an overly simple gauge of Bitcoin’s performance versus other assets. In its 12-year existence, however, the largest cryptocurrency has achieved so much that it has, in fact, outperformed everything by an order of magnitude. It barely fits on the …

A senior analyst at asset management firm Bridgewater believes that regulation could potentially make Bitcoin (BTC) a good asset for institutional investors. Bridgewater director of investment research Rebecca Patterson claimed that regulatory certainty around Bitcoin would solve some of the cryptocurrency’s biggest problems associated with high volatility and low liquidity. In a Feb. 24 interview with Bloomberg, Patterson said that issues like volatility and liquidity remain the main hurdles for Bridgewater’s potential move into Bitcoin. “Right now Bitcoin can move 10% on a tweet, that’s not exactly a store of wealth for most institutional investors. So the volatility of Bitcoin …

This week's correction in the price of Bitcoin (BTC) showed that a market doesn’t go up in a straight line. Meanwhile, another topic has been gaining attention, namely the big rise in the 10-year yields of United States government bonds. In recent weeks, the 10-year Treasury yield of U.S. government bonds has surged 35% to a new high of 1.44%, the highest point since the cross-asset crash in March 2020. Treasury yield bounces from a 60-year low The 10-year Treasury yield has been accelerating massively in recent weeks, similar to the run-up to the economic downturns in 2000 and 2008. …

While his electric car company announced a Bitcoin purchase weeks ago, Elon Musk finally became a true Bitcoiner last night by engaging in a time-honored cryptoTwitter pastime: dunking on Peter Schiff. Yesterday morning Schiff, the noted gold bug and Bitcoin skeptic, posted a Tweet thread in which he criticized Elon Musk’s comment that Bitcoin is a flawed currency, though still better than fiat alternatives: According to @elonmusk "Bitcoin is almost as BS as fiat money." So Musk regards both #Bitcoin and fiat as BS. I agree, I just think Bitcoin, which is digital fiat, is even more BS than the …

Within the last hour, Bitcoin's market capitalization pushed above the $1 trillion level. This milestone occurred less than a year after its market cap dipped below $100 billion on Black Thursday and the move to a new all-time high took place right as BTC price is on the verge of overtaking $55,000. The significance of this event will not be lost of those working in financial as only a handful of assets ever achieve this status. While Bitcoin may have started as a mere curiosity in 2009, it only took it 12 years to become a global asset with a …

Bitcoin (BTC) is now worth more in gold than at any time in its history as the largest cryptocurrency passes $50,000. Data noted by markets commentator Holger Zschaepitz on Wednesday confirms that one ounce of gold now buys just 0.0352 BTC. XAU/BTC plumbs new depths Since hitting new all-time highs on Wednesday, the price of gold in Bitcoin terms became even cheaper, with one ounce costing $1,794, or 0.0349 BTC, at the time of writing. "Bitcoin is eating gold in one chart!" Zschaepitz declared in comments. Responding, analytics account Ecoinometrics added that gold's underperformance versus Bitcoin simply increases if longer …

The man who once said "Bitcoin will never hit 50K" has doubled down on the bearish prediction that Bitcoin (BTC) will eventually go to zero. Back in 2019, CNBC host Joe Kernen speculated that Bitcoin's price would reach $55,000 by May 2020. Peter Schiff mocked him at the time, saying "Bitcoin will never hit 50k." Though somewhat delayed, the price of Bitcoin hit a new all-time high of more than $50,000 this morning after rising 8% this week. Members of Crypto Twitter — including the gold bug's own son — threw Schiff’s words back at him. In the wake of …

Sandeep Biswas, managing director and CEO at Newcrest Mining, believes crypto investors should consider buying some gold to protect themselves against highly unstable prices of cryptos like Bitcoin (BTC). “If you’re into cryptos, you want to consider having some gold,” Biswas said on Bloomberg TV Thursday, stressing that gold is less volatile than crypto. The exec emphasized that gold is a different class of investment. “It’s a tangible asset: you can see it, you can touch it, you can feel it, you can mold it, you can make it into jewelry, whatever you want.” Biswas noted the scarce nature of …

One of the most enduring cryptocurrency-related narratives revolves around the search of crypto’s definition as an asset class. Is Bitcoin (BTC) more of a digital currency or digital gold? Do its unique properties warrant viewing it as something completely distinct from the established categories of financial instruments? A recently published report by JPMorgan Chase’s strategists has sparked yet another round of such debates. The conclusions that the report presents are at odds with the “Bitcoin as a safe-haven asset” trope that has become somewhat conventional wisdom lately. The authors contend that the original cryptocurrency is actually not that great of …