When fiat money goes down, gold and crypto go up

The price of gold is not likely to move any time soon. Bitcoin, however, has skyrocketed in recent months. Single Bitcoin is now worth more than a bar of gold. This is a proving moment in the debate about BTC as a store of value.

Anthony ScaramucciThe founder of asset management firm Skybridge Capital has predicted that the price of bitcoin will reach $100,000 before the end of the year simply due to supply and demand. Scaramucci, whose firm has currently over half a billion dollars in bitcoin, said: 

“You don’t have a lot of supply out there and very heavy demand,” 

Bitcoin’s price has been climbing rapidly, hitting multiple all-time highs over the past week. The cryptocurrency has already gained almost 76% since the beginning of the year. Its market capitalization has surpassed $1 trillion. We have a little bit of correction, and bitcoin’s price stands at $53,300.

Anthony Scaramucci also warned individual investors: “The thing is volatile, and again I want to be cautious with individual investors … Be cautious.” 

Concerning his own asset management firm, he said:

„We like it. We have over half a billion dollars in bitcoin right now. And obviously, our bitcoin fund started in December. It’s done quite well.“

And now, Bitcoin is more worth than a kilogram of gold. However, the price of gold is not about to move in days to come comparing to Bitcoin… 

The price of gold is at an all-time low comparing to Bitcoin, while Bitcoin´s price is at its all-time high.

Peter Schiff, a bullion dealer, in a Twitter debate on the relative merits of Bitcoin compared with gold as a store of value, Elon Musk, the Tesla, who has long been known for market-moving tweets in the crypto-verse claimed: „you might as well have crypto.“

This week Musk´s Twitter pumping powers have become forecasted. From now on you might as well have a Bitcoin over a kilogram of gold if you want to preserve your value. 

How much more expensive will a Bitcoin be next week compared to a bar of gold? 

Source: www.decrypt.co