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Bitcoin Price Just Hit All Time High, Next Milestone: Beating Gold Permanently

from Coin Telegraph:

The Bitcoin price could soon surpass gold’s on a permanent basis supposing they both continue with their current market performance.

Gold hit a three-month high of $1260 at the end of business day on Thursday, Feb. 23, as a steady flow of safe-haven demand from traders and investors continued worldwide while Bitcoin topped $1170 around the same time. Civic CEO Vinny Lingham, gives Bitcoin about a month or less to consolidateits price in the $1300 range.

It’s Trump, not China

A report says ongoing uncertainty and some anxiety regarding the new US president and his administration’s new and potentially aggressive policies continue to support the gold market. Similarly, the latest rally in the Bitcoin market has been described by an analyst at Lux Research Inc., Mark Bünger, as likely unconnected to China but rather to some of the policies of US President Donald Trump.

It is worth noting that the Trump factor is pinned on the documents – minutes of the Jan. 31-Feb. 1 session of the Federal Open Market Committee – released on Wednesday that shows that the Federal Reserve could be giving a strong indication that another interest hike could come sooner due to some of the changes brought by the new administration.

That Bitcoin has been going more mainstream as additional companies have now been accepting it as a form of payment, according to equity strategist at Miller Tabak, Matt Maley, on CNBC’s “Trading Nation,” will support its push to overtake gold.

The media hype trailing the all-time high record in the Bitcoin price has gone far and wide in the last few days. The noise is likely to reach even further than could be captured because a rise in the price of Bitcoin has been known to magnetize new users. Gold isn’t as new to court similar attention.

ETF factor, France uncertainty

There is a likelihood that the first Bitcoin exchange traded fund or ETF could be approved. When it does get the approval on March 11, Bitcoin has been tipped to gain value.

Also, Chinese Bitcoin exchanges which contribute significantly to the global trading of the currency have had some aspects of their operations restricted pending their upgrade of the KYC/AML system. A slight change in Bitcoin price is expected as soon as they resume full operation.

Global political uncertainty particularly in the case of France’s far-right candidate, Marine Le Pen, of the National Front Party, ahead of the coming presidential election is also key to determine if and when Bitcoin price will beat gold’s.

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5 comments to Bitcoin Price Just Hit All Time High, Next Milestone: Beating Gold Permanently

  • Kevin

    Just sold my two ounces of gold back to the dealer. I got back what I paid for them in 2014. No ROI. Taking the money and putting it into BTC. I may start converting a portion of my silver holdings into BTC instead of letting it languish in a safe. Bitcoin will provide the ROI many of us were hoping for in metals. I was a BTC skeptic but I’m convinced it’s the future and it’s going to be big. Some may scoff but it was the same with computers. My old fart stepfather used to say in 1980 that computers were nothing more than glorified typewriters. Boy was he wrong.

    • thinking outside the matrix

      You should have both. Bitcoin has more potential that Gold but it does not have enough of a track record to totally bet the farm on it. Why did you wait for it to get to $1200 to do this? All of 2015 it was about $230. You’ve got Bitcoin fever, lol. Trust me I have quite a few Bitcoin but most were accumulated between 2013- now on a weekly basis. Just buy 1/3 to 1/2 of a Bitcoin on a weekly basis and you will be fine. Bitcoin was created by the NSA and Bankers as method for Global Trade. They had and still do have plenty of chances to kill Bitcoin. It’s not gonna happen in my opinion. I’ve been saying this on here for years unfortunately.

      • Kevin

        I played with Bitcoin when it was in $300-400 range but the volatility turned me off so I sold. But now with the metals subjected to perpetual smack down, I need a ROI instead of losing money with metals. It’s pathetic when silverbugs celebrate that silver rose a few cents to go over $18 only to get smacked down again. Bix and Clif High predict $600 silver coming with increases this spring. May or may not happen. But Bitcoin will reach $10,000 before gold reaches $2000 and before silver reaches $30 an ounce much less $600. So you do the math.

  • Videoctr

    Paper derivatives such as an ETF is not a good sign.

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