A study by Bitcoin mining firm Genesis Mining has shown that a startling number of US citizens have no idea about how their financial system works. A whopping 29 percent of respondents said they thought the US dollar is still backed entirely by gold. The study’s findings highlight just how little is really known by…
Analyst, Chris Mancini claims governments are increasingly turning to gold, and not Bitcoin, in order to hedge against economic uncertainty. Motivated by geopolitical wranglings, as well as a desire to reduce dollar reliance, the Chinese and Russian central banks are driving demand for gold. Is Bitcoin now out of the picture? Gold Trumps Bitcoin In…
If you’ve been on Crypto Twitter over the past 24 hours, you have likely noticed one Bitcoin-bashing tweet from Peter Schiff. The message, which can be seen below, shows the libertarian investor claiming that BTC’s price chart “looks horrible.” Related Reading: Happy 18 Millionth Bitcoin! BTC Scarcity Implies Large Price Rally Schiff, in fact, remarked…
Throughout 2019, Bitcoin and gold became highly correlated, rising and falling in value at or around the same time, and further fueling the Bitcoin as a safe haven narrative. Even now, the two assets are showing similarities in their price charts that suggests they are still correlated in some way, and gold could soon be…
Bitcoin plunged on Wednesday as a weak US manufacturing data intensified anxieties over the health of the global economy. The benchmark cryptocurrency was down by $63.73, or 0.77 percent, to trade at $8,257.79 as of 13:41 UTC. At one point during the Asian session, it slipped towards a session low of $8,168.85, consolidating within a strict…
Global markets performed better than non-correlated asset Bitcoin in the third quarter of 2019. The S&P 500 index (SPX) surged 0.68 percent on a quarter-to-date basis. The same period saw the Dow Jones Industrial Average (DJI) delivering 0.17 percent returns while Nasdaq fared between with 1.97 percent gains for its investors. Meanwhile, the Europe-wide Stoxx…
Bitcoin prices edged lower on Monday, pressured by a current correction momentum that saw the cryptocurrency plunging by more than 40 percent since June this year. The BTC/USD instrument was trading at $7,863.28 as of 0907 UTC, down 2.34 percent from the open. Around the same time, CME bitcoin futures had slipped by 1.99 percent…
A war has been raging between two cliques in the investment community — the Bitcoin bulls and the gold bugs. Over the past few years, it has become a popular practice for cryptocurrency proponents to equate or liken Bitcoin to gold, citing the asset’s non-sovereign, decentralized, fungible, borderless, international, and scarce nature. Related Reading: Data…
Throughout much of 2019, Bitcoin’s store of value narrative took a back seat to a new narrative developing around looming economic recession and the asset’s scarcity making it a safe haven asset much like gold. Bitcoin has had many comparisons to the precious metal, and is considered to be its digital counterpart. But Bitcoin also…
Gold outperformed Bitcoin on Wednesday as an impeachment inquiry into US President Donald Trump triggered demand for safe-haven assets. The yellow metal came near its three-week peak, with its spot trading at $1,530.29 per ounce as of 10:00 UTC. At the same time, US gold futures surged 0.1 percent to $1,538.30. Bitcoin, unlike Gold, trended…