Bitcoin (BTC) is now worth more gold than at any other time in its history, as the largest cryptocurrency exceeds $ 50,000.
Data quoted Wednesday by market commentator Holger Zshaepitz confirmed that an ounce of gold can now be bought for less than 0.0352 BTC.
XAU / BTC rises to new depths
Since the gold high on Wednesday, the gold price of Bitcoin has become cheaper, with a price of 1 ounce $ 1794, or 0.0349 BTC at the time of writing.
“Bitcoin eats gold on a single chart!” – Zhaepits said in a comment.
In response, analysts from Ecoinometrics added that gold’s lower performance relative to Bitcoin simply increases when the longer time frame is taken into account.
Bitcoin’s risk-adjusted annual return exceeded 270%, up from 24% for gold as of December 28, 2020. The four-year return contains the sharpest contrast: 2675% and 64% for bitcoin and gold, respectively.
Ecoinometrics introduced the accompanying charts, commenting: “When looking at Bitcoin and gold, do not zoom over, otherwise the gold will shift to a horizontal axis.”
Schiff resists the bitcoin influx
Despite the numbers, gold bugs continue to turn against Bitcoin for precious metal and expect serious consequences for those who own Bitcoin, as the link between the two assets has been significantly reduced since September 2020.
The 90-day correlation between Bitcoin, Gold, VIX, USD and the S&P 500 Source: Digital Asset Data
Among them is Peter Schiff, who argued in his latest quarrel on Twitter with his supporters, including his son Spencer Schiff, a bitcoin worker, that Bitcoin / Dollar is doomed to fail.
When Bitcoin Foundation founder Charlie Shreem asked if this process would take thousands of years or more, Schiff replied that it would happen much earlier.
“The serious answer is that I doubt it will take that long,” he said.
“But the bitcoin price # can remain for many years after it collapses to almost zero, so who knows how long it will take before the price completely disappears.”
He added that a Bitcoin of 1 million dollars was “very unlikely”.
Spencer then reminded him of the June 2020 forecast, in which Schiff claimed that Bitcoin is “very unlikely” to reach $ 50,000.