Which may or may not have been a summit last week in the price of gold seems to have benefited Bitcoin (BTC) and this trend could be ready to continue.
Already among the most efficient global active ingredients in recent months, the Gold rally has spread to new heights in the weeks after the President of President Trump’s Liberation in early April.
The price finally reached a summit above $ 3,500 per ounce on April 21, with Bitcoin at the time changing hands at $ 87,000 – almost flat from the release day, but down around 20% compared to its record hit in January.
Since then, however, gold has dropped by almost 10% at its current price just than $ 3,200 an ounce. At the same time, Bitcoin joined about 10% to a maximum of two months of $ 97,000.
“I think Bitcoin is a better coverage than gold against the strategic reallocation of the assets of the United States,” said Geoff Kendrick of Standard Charterd.
Kendrick noted that the FNB entrances situation has changed with the price, with money led to Bitcoin funds that were heading for gold funds.
In addition, said that Kendrick, the last time that Bitcoin ETF entries had such a broad margin on gold, it was the week of the American presidential election. Two months later, the Bitcoin price had increased by more than 40% to more than $ 100,000.
