Bitcoin Has A Definite Upper Hand In Comparison with Gold

The technical outlook for bitcoin remains strongly upward, said Bloomberg report. 

SEATTLE (Scrap Monster): The April 2021 Crypto Outlook Report published by Bloomberg says that bitcoin replacing gold as a store of value has been more sudden than gradual. Furthermore, the report notes that bitcoin has the upper hand when compared to gold.

According to Bloomberg, bitcoin taking the gold is not necessarily be bearish for gold, which is seen backing to its support levels of $1,700 per Oz. There has been a shifting global tide towards bitcoin’s appeal as a reserve asset. Bitcoin is rising in value and is less speculative. The recent diversification of equity wealth by Tesla into the nascent digital currency had led to sudden spike in prices.

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Gold will always have a place in jewelry and coin collections. However, most indicators currently point to bitcoin replacing gold at a much faster pace than before. The bitcoin 180-day volatility had reached the lowest level compared with gold during November last year. In that way, 2020 was a particularly important year for bitcoin.

The historical volatility and ETF flow data suggests that bitcoin price is in the early days of appreciating as compared with gold. The technical outlook for bitcoin remains strongly upward, said Bloomberg report. 

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