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Bitcoin Is Now Worth More Than Gold

  • Bitcoin price has surpassed that of gold for the first time.
  • Both Bitcon and gold are seen as a good store of value, unlike fiat currencies.
  • Several experts have weighed in on which is a better investment.

Bitcoin (BTC) has just made history by becoming the first crypto worth more than gold. Based on CoinGecko data, Bitcoin price reached an all-time high of $58,640.77 today.

Gold, on the other hand, based on TradingView calculations, is currently going for $57,256 per kilo. Making this the first time BTC price has surpassed that of gold. This milestone is critical as BTC is becoming a popular store of value option. Some experts even believe that BTC is a better commodity than gold.

Comparatively, gold and BTC couldn’t be more different. One has a physical presence and use, while the other is virtual. Yet as the dollar standard crumbles, including governments, many are in search of a better store of value.

For this reason, as the value of fiat currencies has gone down, the value of gold and Bitcoin has risen. Over the past year, Bitcoin has risen by over 480%, but the US dollar has steadily gone down based on the chart of the US$ Index (DXY) below.

Source: Trading Economics

Of note, gold has risen along with BTC. Although both experienced a dip around April, they still rebounded in unison to greater heights.

The correlation between gold and BTC seems to be a cause of concern for some bullion fans. Chairman of Schiffgold, Peter Schiff, recently shared in Twitter why gold is the better store of value. A back and forth between Schiff and crypto fan Elon Musk quickly ensued. Schiff even invited Musk to a gold vs BTC debate on Clubhouse. However, CNBC beat them to it.

Gold currently has a market cap of about $11,388 trillion, while BTC just passed the $1 trillion mark.

On that note, BTC still has a long way to go to catch up with gold. Although crypto expert Anthony Pompliano believes BTC will achieve this by 2030.

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Tina Mutare

Avid reader and writer with a passion for sharing crypto news and trends. Uses her background in finance to help readers better understand the crypto market and investments. Hopes to see mainstream crypto adoption in the near future, especially in Africa.

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