Bitcoin (BTC) hit seven ounces of gold for the first time in over a year this week as the precious metal comes off all-time highs. Data from CoinGecko showed BTC/XAU returning to the pivotal 7 ounce mark on Oct. 25, continuing to edge up to press-time levels of 7.02 ounces. Gold hits one-year lows in BTC Despite Bitcoin losing ground after challenging $14,000, the gains against gold remained on Thursday, as the traditional safe haven felt the pressure of Coronavirus tensions and U.S. election uncertainty. The last time that BTC/XAU broke 7 ounces was in September 2019. Commenting on the …

Earlier this week, Bitcoin (BTC) advocate and Real Vision CEO Raoul Pal said gold is breaking down against BTC. If the dominant cryptocurrency continues to gain momentum against BTC, it could strengthen its perception as a store of value. In the past month, the price of Bitcoin gained 30.36% against the U.S. dollar, from $10,136 to $13,217. In the same period, gold has gained about 2.25%, from $1,863 to $1,903. Why is Bitcoin outperforming gold and stocks? In the past two weeks, while the price of Bitcoin rallied strongly, both gold and the U.S. stock market steadily recovered. The confluence …

JPMorgan, the $316 billion investment banking giant, said the potential long-term upside for Bitcoin (BTC) is “considerable.” This new optimistic stance towards the dominant cryptocurrency comes after PayPal allowed its users to buy and sell crypto assets. JP Morgan, from "Bitcoin is a fraud and will blow up" in 2017 to "Bitcoin’s competition with gold" in 2020. We've come a long way. pic.twitter.com/xceabkHaVJ — Krüger (@krugermacro) October 24, 2020 The main factor put forward by JPMorgan’s Global Markets Strategy division is Bitcoin’s competition with gold. The note, obtained by Business Insider, reads: "The potential long-term upside for bitcoin is considerable …

It’s been quite a week for Bitcoin, a week we’ve been waiting for. The coin is up nearly 13% and burst through the $13,000 barrier. Some of that support came from PayPal’s decision to enable cryptocurrency purchases, a move that sent its stock soaring. The company will need that kind of rise to stay ahead of the coin’s value. Bitcoin’s valuation is now just one behind the payments processor that lets people trade it. Traders, though, expect that Bitcoin will slow down after that strong rally, which has allowed the coin to regain its cryptocurrency dominance. Some experts think that …

Cryptocurrency investment is one of the most popular investment tools in Russia, according to a new report. The World Gold Council, a major market development organization for the gold industry, released a report on retail gold insights in Russia on Tuesday. According to the report, cryptocurrency is currently the fifth-most popular investment tool in Russia after savings accounts, foreign currencies, real estate and life insurance. As part of the World Gold Council's rankings of Russian investments made in the past 12 months, cryptocurrency is followed by gold, accounting for 17% and 16%, respectively. The report is based on a survey …

“Fiat lux”, said God, having created heaven and earth, which was filled with darkness. And then, there was light. At least, that’s what the Holy Bible tells us. Translated to English, this Latin phrase means “let light be made.” For Christians, who much of the global population, these words mark the beginning of time and everything else. Eventually, there came a time when audacious, power-hungry, control-freak governments took the word “fiat” (literally meaning “it shall be” or “let it be done”) and used it to disguise one of the biggest shams ever — fiat currencies. Eons later, in 2009 A.D., …

Bitcoin (BTC) hitting $1 million by 2025 is “about right,” Real Vision founder and CEO Raoul Pal has confirmed. In an interview with Stansberry Research last week, Pal, famous for his bullish stance on Bitcoin, said an “enormous wall of money” would flow into the cryptocurrency over the next few years. Pal: Bitcoin in line for “enormous” capital inflows “I think that’s about right, whether it’s five years, six years,” he said when asked about the $1 million target. “We’re going to go through two of these halving cycles, and just from what I know from all of the institutions, …

Using the analogy of a Hi/Lo poker game — a variety of poker which crowns the highest and lowest hands as victors — broadcaster Max Keiser explained citizens will ultimately lose when it comes to holding government-issued currencies. "Unless you're a country, that can make money by debasing your currency, by getting kickbacks from Wall Street who packages all those currencies in the form of negative rate interest-rate bonds, then you only have one choice," Keiser said during an Oct. 15 episode of his show, the Keiser Report, adding: "You can only try to win the hand with the high …

A report published by major U.S.-based crypto exchange Kraken has identified signs the correlation between Bitcoin (BTC), the greenback, and legacy markets, is continuing to weaken. Kraken’s September volatility report found Bitcoin (BTC) largely maintaining a negative correlation with the U.S. Dollar Index (DXY) since May, despite a brief coalescence between the two markets in early September. The report attributes BTC’s dollar divergence to the U.S. Federal Reserve’s plan to maintain zero percent interest rates until at least 2023, in addition to declining growth rates. Meanwhile, Bitcoin has shown positive correlation with the Euro since May. The report notes that …

Gold will gain regardless of whether Donald Trump or Joe Biden wins the election, one analyst says as Bitcoin (BTC) targets $11,000. In an interview with the media division of precious metals giant Kitco on Oct. 7, Frank Holmes, CEO of U.S. Global Investors, said that he was “betting on gold” for bullishness by the end of the year. “It’s love season. It’s the seasonality of two wedding seasons in India, it’s the season of lights of Diwali, then we have Christmas, and it peaks for Chinese New Year,” he told the network. “It’s an auspicious time for the consumption …

Bitcoin still beats gold as an investment in 2020 despite the precious metal generating its biggest returns in a decade. In a knock to gold bugs, data shows that despite gold’s run this year, Bitcoin (BTC) still trumps every macro asset when it comes to investment profits. Bitcoin “quietly eating the financial world” Fresh off its second-best quarterly close on record, Bitcoin is up almost 50% in 2020, while gold has managed just half of that at 25.6%. The S&P 500, an index with which Bitcoin has shown considerable correlation, is just 5.5% higher than at the start of January. …

Bitcoin price is showing weakness after another sharp rejection from the $11,000 resistance level. As Bitcoin (BTC) enters the fourth quarter, the sentiment around the market remains generally cautious and neutral. Bitcoin might face a larger pullback in the fourth quarter due to several key factors. Throughout the past three years, every September monthly candle has closed red. The September monthly candle for 2020 is also on track to close as a red candle, indicating a lack of direction. From March through August, favorable financial conditions, a low-interest-rate environment and a multitrillion-dollar stimulus package caused Bitcoin and stocks to rally …