One of the recent BitStil (reviewed here) news dealt with the topic of Gold, Bitcoin and a little statement from Peter Schiff, who usually sees gold at a much higher price in the near future and at the same time, he sees no value for bitcoin, at least that Role (“Gold Lover and Bitcoin Hater “) was a role he played for years, explaining his vision in various studios of economic TV and Radio programs.
We all know that BTC and GOLD have an obvious price correlation. However, some say that the END of this correlation could come pretty soon, when when the spikes in gold prices would not mean the same for Bitcoin and vice versa.
Here’s the news:
Gold Bug Peter Schiff admits to misjudging Bitcoin.
Gold and bitcoin are the two main assets that are gaining in 2020 despite the global pandemic. Euro Pacific Capital President – Gold bug Peter Schiff has always spoken ill of bitcoin but this time he may be admitting that there is a flaw in his forecasts after agreeing that the coin never ‘collapsed’ as gold exploded to its new all-time highs in August.“I was right on gold, but wrong on Bitcoin. The latter did manage to get through resistance and rally up to $12K, thanks in large part to a ride on gold’s coattails and a massive TV advertising buy by Grayscale. By falling back to $10K Bitcoin quickly returned to a bear market.”This one-month correlation between bitcoin and gold reached a staggering high of 68% in early August. Today, the price of gold is $1,934 per ounce after losing 7.1% since it reached an all-time high of $2,089 on August 6.Nonetheless, bitcoin is now valued at around $10,250 after losing around 15% since its surge to over $12,000 this year on August 2. The correlation between these two assets has remained around 0-20% for the past two weeks, briefly plunging to 2.6% on September 2.Although currently bitcoin is not highly correlated with gold, this crypto asset might still be set to become digital gold before the end of 2020. That may happen considering the previous price correlations and trends in the futures market. Based on Skew data, gold has a 27.22% year-to-date (YTD) return, while Bitcoin has gained a 42.36% YTD yield.Join BitStil and bring your life quality to a whole new level!
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