According to a by Bitcoinist, Bitcoin is outperforming gold as both individual and institutional investors now see the leading crypto asset as a safe haven. At press time, BTC is trading at over $19,000 per coin while gold is at $1,868 per ounce.
Seemingly, gold is losing its mark as a safe haven for investors. Before now, investors generally viewed gold as a means of investment. However, Bitcoin has succeeded the precious metal as it has attracted more investors over time, especially since the beginning of the global health crisis.
The report further stated that Gold added 20% in year-to-date returns, while Bitcoin has grown 150% since the year began. Bitcoinist added that gold could fall another 90% against Bitcoin if the king coin reaches the $20,000 milestone.
Over the past months, the crypto industry has seen significant increases while gold has been underperforming. The rise in BTC and fall in gold has generated reactions from gold bugs. The founder of The Bullion Reserve, Simon Mikhailovich, referred to Bitcoin as “digital steak“, warning that the government would ban Bitcoin.
Several crypto analysts have predicted that the price of Bitcoin will reach new highs before the end of December. Recently, Citi analyst Calvin Tse predicted a dollar fall that would push BTC price. According to Tse, the dollar may fall by 20%.