Gold

  • Analysts Suggest Why Bitcoin is a More Cost Effective Store of value than Gold

    Bitcoin [BTC] is an emerging asset class. While crypto-enthusiasts continue to criticize its technical prowess compared to the newer cryptocurrencies, Bitcoin is highly efficient to Gold – the number one ‘safe haven.‘ Both Bitcoin and gold make a good store of value due to their limited supply. While Gold has 1000 years of history behind it, Bitcoin has also gained importance its alternative in the past ten years. Moreover, due to the digital nature of Bitcoin, it is far more convenient and cost-efficient. Recently. Nic Carter and Willy Woo estimated one aspect of Bitcoin’s intrinsic value debate – the cost of production and verifications. According to Woo’s estimate based on Coinmetrics data, the average fees paid for Bitcoin transactions over the years is just 0.0005%. According to Coinmetrics data, the total amount of value moved in Bitcoin has surpassed $2 trillion. Furthermore, the cost of mining (electricity, equipment, maintenance, etc.) is around $14 billion. Willy Woo, crypto-analyst and trader, tweeted, Economic metrics of Bitcoin, paraphrased: – The current valuation of all coins: $182b – Amount paid by the current holders:…

    Aug 29, 2019
  • Bitcoin Outshines Gold Amid Risk Aversion in Financial Markets

    Bitcoin is outperforming gold amid heightened uncertainty in the global markets.

    Aug 9, 2019
  • Despite Bitcoin “Gold 2.0” Narrative, Long-Term Correlation With Gold Remains Loose

    UU.Block Comments: The global market value of gold is about 7.4 trillion US dollars. The current market value of Bitcoin is 212.32 billion US dollars. Bitcoin needs to be 34 times more than the current price of 11,877 US dollars, reaching 400,000 US dollars, in order to balance the global market value of gold. Gold has always been a hedge asset for governments to deal with the incompetence of money supply. In the current world, Bitcoin is an option to avoid legal currency and excessive financial regulation. Bitcoin and gold are not on the same track, although they are occasionally related in the short term. The traditional equities markets have been caught in a tailspin over the past couple of days due to increasing tensions between the U.S. and China that have escalated the trade war into a full-fledged currency war. At the same time, Bitcoin (BTC) has been incurring decent upwards momentum, which has strengthened the “digital Gold” narrative. Despite this, one analyst is quick to note that Bitcoin’s correlation with Gold still remains fairly loose, making it speculative…

    Aug 8, 2019
  • Fed Chairman Jerome Powell Compares Bitcoin to Gold

    Federal Reserve Chairman Jerome Powell said he can envision a return to an era where multiple currencies are in use in the United States. During Powell’s testimony before the Senate Banking Committee on Facebook’s planned Libra cryptocurrency, he said: “The size of Facebook’s network means it could be, essentially, immediately systemically important.” Though the initiative raised “a lot of serious concerns,” including privacy, money laundering, consumer protection, and financial stability, he began to speak favorably about other cryptocurrencies. “Almost no one uses bitcoin for payments, they use it more as an alternative to gold,” he said Thursday afternoon. “It’s a speculative store of value.” Powell has stated in the past that the United States should not return to the gold standard. Some took the statement as referring to a call to “drop gold, buy bitcoin.” Source : https://www.coindesk.com/fed-chairman-jerome-powell-compares-bitcoin-to-gold

    Jul 12, 2019
  • Market Outlook: Gold and Crypto Reap the Benefits of Economic Fear

    Cryptocurrencies have recovered from losses incurred a week ago, with many digital assets up 50-80% since July 2. For instance, eight days ago bitcoin core (BTC) tumbled to $9,650 and then back to a high of $13,150 yesterday evening. However, during the afternoon trading sessions on Wednesday, most of the top 20 cryptocurrencies have seen losses of between 5-20%. ‘The Slow Death of the Old Financial System’ Cryptocurrency markets have been volatile over the last few weeks. Still, it’s safe to say that crypto enthusiasts and traders have been more bullish in 2019. Since January 1, the price of bitcoin cash (BCH) has increased by 156% and the value of bitcoin core (BTC) has jumped by 205%. On Wednesday, July 10, both digital assets are down as BTC is under by 5.4% over the last 24 hours and BCH by 6.3%. Meanwhile, LTC is down 10%, XRP has lost 8.9%, and ETH has dropped 6.2% in the last 24 hours. Despite the corrections, most coins continue to show higher lows and the eventual return to regions touched on June 28. The digital asset economy’s latest run up follows the German-owned…

    Jul 11, 2019
  • Steve Forbes’s Open Letter to Mark Zuckerberg

    Steve Forbes is Chairman and Editor-in-Chief of Forbes Media. Dear Mr. Zuckerberg: Your company made big headlines when it announced it would be launching a cryptocurrency called the Libra in 2020. Not surprisingly, given the nature of the times, the project has been greeted with intense criticism and skepticism. Don’t lose heart. In one sense, the idea of a company creating its own kind of money is an old one. The airlines’ frequent-flier miles are really a form of money that customers can earn and use to buy trips and various other things. Credit card companies, hotels and numerous retailers have all sorts of loyalty programs in which people earn points that will let them buy all manner of goodies. But if you play your cards right with the Libra, you could be to money and finance what Henry Ford was to automobiles. Your new currency could take its place alongside the inventions of coins and paper money many centuries ago. It could replace the U.S. dollar as the global currency. In one crucial area you’re already light years ahead…

    Jul 1, 2019
  • The Federal Reserve Could Be Helping Bitcoin to $100k

    Overview Fed Interest Rate Cuts to Weaken Dollar and to Strengthen Bitcoin Gold And Bitcoin Solidify Their Safe-Haven Status Many factors are contributing to Bitcoin’s renewed trajectory towards its USD 100,000 target. One of them is increasingly gaining prominence: The U.S. Federal Reserve. FED INTEREST RATE CUTS TO WEAKEN DOLLAR AND TO STRENGTHEN BITCOIN The U.S. Federal Reserve’s latest moves might be unintentionally propelling Bitcoin to new 2019 highs with renewed impetus. On Jun 19, 2019, Jerome Powell, the chairman of the Fed announced the decision to maintain the benchmark for the federal funds interest rate within the target range of 2.25% to 2.5%. However, upon review of the statement, financial experts noticed that The Federal Open Market Committee (FOMC) made several changes to its policy statement. Most relevant, the term “patient” was replaced by a policy language promising to “closely monitor the implications of incoming information for the economic outlook.” For many, this is a hint that inflation and geopolitical risks are putting pressure on Federal Reserve officials to advance the case for an interest rate cut. As a result, investors…

    Jun 25, 2019
  • Bitcoin Better Than Gold?

    For some, bitcoin is the creme de la creme of assets. Others say its gold. But is one really better than the other?

    May 8, 2019

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