Future Appreciation Rates of Gold and Bitcoin Could be Similar

Bitcoin has often been compared to gold for its properties as a store of value. Just like gold, BTC is not tied to any central controlling entity and serves as a hedge against state manipulation of fiat currencies. Unlike gold, however, Bitcoin is still very volatile but that could all change in the future.
Steady Appreciation for Bitcoin and Gold
BTC, or digital gold as it is often termed, has been anything but steady over the past few years. In 2018 it dumped over 80% while in 2019 so far, Bitcoin has gained over 160%. Extrapolating the all-time chart for Bitcoin’s decade long history shows a parabolic curve of its price taking into account these large market cycles.
The golden commodity price chart displays a similar but far shallower curve as its price has steadily increased since the 1970s. Crypto trader ‘dave the wave’ has overlaid the two parabolas which reveal an interesting pattern to come if the scenarios both play out and the curves continue on their current paths.

Give it a few years, and gold and BTC might be appreciating at the same rate. pic.twitter.com/KEbO5vENkE
— dave the wave (@davthewave) August 16, 2019

Both gold and Bitcoin are expected to significantly increase in value with one accelerating and the other decreasing in gains over time. After the intersection of the two parabolic lines, which occurred about 18 months ago according to that chart, the two appear to increase at similar rates.
From around 2025 to around 2040 the two assets could be appreciating at a very similar rate with a possibility of Bitcoin prices being fixed to gold. This is of course assuming that there has been enough BTC adoption and usage for its volatility to decrease, while investment into gold continues to increase over time. The representation that followed was with gold prices multiplied by 400.
“This represents a bar of gold which puts gold on an equal footing with BTC in terms of scarcity. And this ratio would also roughly hold in terms of overall market cap. Doubt that BTC will reach gold’s market cap.”
More pertinently, he added;
“I think the main driver of price is the *capitalization* of something that is perceived as scarce.”
Currently Bitcoin is outperforming nearly all traditional assets, gold included. This year alone gold has increased by 18 percent from $41,100/kg to $48,546/kg at today’s prices according to goldprice.org. Bitcoin conversely has surged 166 percent from $3,750 to $10,000 over the same period.
Both are being accumulated on the perception of scarcity and both are being held for similar motives. There is no reason that this is likely to change in the future as economic tensions escalate while the world’s superpowers keep devaluing their currencies in order to ‘out trade’ each other.
Image from Shutterstock
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Safe Haven? Bitcoin Price Falls Below $11,000 Alongside Gold Bull Rejection

Bitcoin price has been rallying throughout 2019, and most believe that the crypto asset is about to embark on its greatest bull run yet. As global economic tensions and uncertainty rise, so does the price of gold and its digital counterpart Bitcoin. The rise has only further driven Bitcoin’s safe-haven asset narrative, suggesting it’s the best store of value during times of economic collapse.
Before the economy can collapse, the price of both Bitcoin and gold have begun to pull back, showing a continued correlation between the two safe-haven assets. Given gold’s longevity, it’ll always be favored as an economic hedge, but will this latest drop start to cause investors to question Bitcoin’s safe haven narrative or does the continued correlation only further solidify that the narrative has legitimacy?
Continued Correlation Between Gold and Bitcoin Price Movements Only Further Cements Safe Haven Narrative
Throughout much of 2019, Bitcoin price has grown substantially, making it the best performing asset of the year thus far. In recent weeks, as a trade war brewing between the United States and China heats up, gold – the long lauded safe-haven asset investors move capital into during economic downturns – has started to rise ahead of a potential economic collapse. The crypto asset skyrocketing alongside gold has only further driven the recent narrative surrounding Bitcoin as a safe-haven asset itself, due to its hard-coded digital scarcity.
Related Reading | Prominent Investor: Mainstream Finance Is Now Considering Bitcoin As a Safe Haven Asset 
The positive sentiment and interest from institutional investors as a safe-haven asset has helped Bitcoin price climb as high as $13,800 before it was rejected. Over the last few weeks, the crypto asset has maintained much of its bullish momentum and made another attempt at retesting the former high.

Gold, on the other hand, had a bull flag breakout, which has now been rejected back down to levels below where the breakout occurred. With Bitcoin price following gold with such parity, it’s not too surprising to see that BTC value has also fallen further, and has dipped below $11,000 on some exchanges. Price action has bulls trying to push the price of the leading crypto asset back above the important psychological price level.
Gold, which rallied over $100 since the start of the month, saw a rejection that retraced roughly 50% of the gains. Since August 1, Bitcoin price rose from around $10,000 to $12,000 where it topped out, making the current price level a 50% retracement that is right in line with gold’s drop.

The two assets have been tightly correlated for some time, and the more they show correlation the stronger Bitcoin’s safe-haven asset narrative becomes. Bitcoin, along with gold, has recently joined the same conversation as other safe-haven assets such as the Japanese yen and Swiss franc, all sought for their long-term relative stability, sans Bitcoin – known for its notorious volatility.
Related Reading | Bitcoin Store of Value Narrative Turning Toward Safe Haven Asset 
The increase comes from both institutional investors warming up to Bitcoin as they consider gold, and crypto investors taking an increased interest in gold as the global economy reaches the bring of potential destruction. The increased demand has caused more crypto exchanges, such as eToro and PrimeXBT, to offer gold prominently alongside Bitcoin to crypto traders.
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“CNBC Devotes More Airtime to Bitcoin”, Peter Schiff Accuses CNBC To Promote Bitcoin Over Gold

Peter Schiff, the American stockbroker and radio personality, who has earned himself the alias, “Gold bug” has taken to his Twitter handle to accuse the popular media house, CNBC, of deceiving its audience into buying bitcoins.
Chinese Not Turning to Crypto as Safe Haven, says Schiff
According to Peter’s tweet, CNBC devotes much more airtime to Bitcoin than it does to gold which has a much larger following than Bitcoin. Schiff also commented on the involvement of the Chinese in buying cryptocurrencies. The Chinese yuan recently fell to 11-year lows amid trade wars with the US, and Schiff, in his tweet, made the point that the Chinese were not buying bitcoin as a safe haven, but speculators were purchasing the cryptocurrency in the hopes that the Chinese would buy it and push its price in the future.
Source: Twitter
It is to be noted that CNBC actively reports about the cryptocurrency space. It publishes articles on the latest updates around cryptocurrencies and also organizes debates and discussions with eminent personalities from different industries that include both crypto enthusiasts and skeptics.
Schiff’s tweet regarding CNBC’s portrayal of cryptocurrencies has received mixed reactions from Twitter users and a few community members have even ironically applauded him for this tweet because they believe that it helps spread the word about bitcoin.
No comments were received from CNBC at the time of writing this article.
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Source: CoinGape

Bitcoin [BTC] Breaks Above 11,500, Gold Tests Record Highs

Bitcoin [BTC] broke above $11,500 as the bullish momentum in it continued above $10,500 during early Eastern trading sessions. It gained around 6.85%, adding about $600 to its price.
The price of Bitcoin [BTC] at 3: 15 hours UTC on 5th August is $11,563. It tested a high at $11,676.
BTC/USD 4-Hour Chart on Bitstamp (TradingView)
The break was significant from a psychological point of view and even technical analysis. Bitcoin [BTC] broke above the first top (of the double top) and would now be eyeing to break $13,000.
Moreover, Gold also tested it’s yearly high and broke above the trendline. Whereas, Dow Jones Industrial Average closed down 250 points on Friday.
The inverse correlation can be attributed to the Fed’s rate cut view, and the renewed trade was between the US and China. In the Chinese currency, Yuan, Gold broke above 10,000 CNY, which is also a critical psychological level. Peter Schiff leading Gold investor and proponent tweeted,
Despite Gold’s breakout to a 6-year high in July, physical sales in the U.S. fell to a 12-year low. Gold buyers are also Trump supporters, and since they no longer worry about the economy, they’re not buying gold. When reality sets in, they’ll be paying over $2,000 per ounce!
Since, the beginning of the year, like Gold, Bitcoin has grown as a viable hedge against the loss from traditional markets. Anthony Pompliano, a leading proponent of Bitcoin, tweeted,
UPDATE: Bitcoin is performing as designed during times of global instability.
Gold(AUX)/USD 1-Day Chart on Forex.com (TradingView)
The total dominance of BTC over the cryptocurrency markets is about 67.6% at the time of writing. The altcoins have continued to lose Sats. It also suggests that the bubble characteristics and the coupling of altcoins with Bitcoin are beginning to end.
Tom Lee, the co-founder of Fundstrat, who is known for his price and sentimental analysis of Bitcoin, was also euphoric seeing this move in Bitcoin. He suggested that ‘hodling’ was the best long term strategy.
Do you think that the Fed’s will retaliate to it or traditional investors will further give in to selling pressures? Please share your views with us. 
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Source: CoinGape

Billionaire: Bitcoin Unlikely to Drop to $5k, But Drop to $8.5k Would Spark Nervousness

Bitcoin (BTC) and the aggregated crypto markets have been facing a bout of significantly choppy trading as of late, which has left many analysts and traders alike scratching their heads as to where the markets could go next.
Although there has been a significant amount of talk surrounding BTC dropping to the upper-$8,000 region, one billionaire investor recently explained that he believes that it is unlikely that the crypto drops back towards its 2018 lows, but also noted that a drop to $8,500 would make him “nervous.”
Bitcoin Forms Tight Trading Range as Choppiness Abounds 
At the time of writing, Bitcoin is trading down marginally at its current price of just above $10,000.
Bitcoin’s bulls and bears have been locked in a tight battle as of late, with buyers attempting to stabilize the cryptocurrency’s price above $10,000, while sellers have been trying to keep its price below this level.
This battle has resulted in the formation of a choppy trading range between roughly $9,900 and $10,100, which support at the former level and resistance at the latter level.
Although it currently remains unclear as to which direction BTC is heading next, which of the aforementioned levels are broken above or below first will likely elucidate which direction the markets are heading next.
In the near-term, it is probable that the range will persist, and may lead to greater division between investors and analysts as to where the markets are heading next.
Billionaire Claims Drop to $5,000 is Highly Unlikely
Assuming the aforementioned range breaks down and bears take control, many analysts believe that Bitcoin will ultimately move towards $8,800 in the near-future.
In a recent interview with CNBC’s Squawk Box, billionaire investor and Bitcoin advocate Mike Novogratz explained that a drop to the $8k region would make him nervous, but he also added that he does not believe the crypto will drop as low as $5k.
“If it goes below $8,500, I’ll get nervous, if it goes below $6,000, I’ll get real nervous,” Novogratz explained after telling the host that he does not believe a movement to $5k is in the cards.

Will #btc ever go back to $5K? “I don’t think so. I think if it goes below $8,500 I'll get nervous. If it goes below $6,000 I'll get real nervous,” says @Novogratz pic.twitter.com/oWMdGTtZYU
— Squawk Box (@SquawkCNBC) August 1, 2019

It is important to note that Bitcoin does have a significant amount of buying pressure in the upper-$8,000 region, and without some sort of catalyst that sparks a massive sell-off, it is probable that BTC will find enough support here to send it bouncing higher.
Featured image from Shutterstock.
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Peter Schiff Reveals if Receiving Bitcoin Donations has Converted to Crypto

Famous gold bug and Bitcoin naysayer Peter Schiff has provided comment about what he plans to do with the cache of Bitcoin recently donated to him by the Bitcoin Twitter community. The staunch anti-Bitcoiner said that just because he has been gifted some Bitcoin does not mean that he is suddenly a convert to crypto and that he doesn’t really care what happens to the funds.
Schiff received the donations after he revealed that he had his own Bitcoin wallet. The gold investor subsequently shared a Bitcoin public key at the request of Anthony Pompliano of Morgan Creek Capital.
Schiff: Bitcoin is Still “Over-Hyped Digital Nothing”
Speaking with Kitco News earlier today, Schiff quipped that the donations he received had already lost value and said that had he exchanged them for gold, the dollar value would have gone up. He also claimed that he did not care what happens to the “insignificant amount” of money he received.
Schiff received the donations earlier this month when vocal Bitcoin advocate Anthony Pompliano revealed that the gold bug actually owned some Bitcoin. Pompliano requested that Schiff post his public key so that he could match the $100 worth of Bitcoin the gold bug had been previously gifted from a friend.

The vocal Bitcoin hater @PeterSchiff recently admitted that he actually does own some Bitcoin.
Never listen to what they say, always watch what they do with their money!
— Pomp (@APompliano) July 5, 2019

Schiff obliged and, for whatever reason, people started sending the public key more Bitcoin. The current holdings in the wallet are just over 0.21 BTC or around $2,000 at the time of writing.
In the interview Schiff states that he finds the idea that he might now be a convert or to be secretly holding Bitcoin to be laughable. He goes on to say that just because he has been gifted some Bitcoin does not change his stance on the cryptocurrency industry. He added that he doesn’t intend to actually buy any in the future either.
Arguing that the narrative that he is some sort of secret holder is entirely fabricated, he claimed the whole industry to be an elaborate pump and dump based on similarly “fake news” orchestrated by the earliest investors who now need to offload to gullible newcomers:
“There is really nothing fundamental driving the price it’s just kind of a pump and dump kind of a scheme going on.”
Schiff went on to argue that pending regulations will not only make it more difficult for new money to enter the market but also make cashing out Bitcoin to dollars a greater challenge for those that have been in the market for longer.
In relation to a question about his own company accepting the cryptocurrency for gold purchases, the precious metals advocate said that Schiff Gold’s “acceptance” of Bitcoin is not an endorsement. He argued that by working with a crypto payment processor like BitPay, the firm is making it easy to convert Bitcoin, which he deems as worthless, into his preferred store-of-value asset, gold. He also stated that Schiff Gold does not receive any Bitcoin from the arrangement.
“I certainly want to help people to make that conversion from ‘fool’s gold’ into real gold.”
Turning his attention to Libra, Schiff said that at least it is backed by something – fiat currency. Ideally, however, he would prefer to see it backed by gold. Schiff went on to state that in a true free market, gold would win out anyway:
“The problem is that governments around the world don’t want that. They don’t want competition from ‘real’ money so they are going complicate the efforts of Facebook to launch Libra, as they would complicate the efforts of any private company to create money that would compete with government monopolies.”
He continued, stating that, when creating laws and regulations, governments really want to stop the market turning towards a superior form of money and to keep using the “lousy monetary products” issued by central banks.
Schiff concluded by arguing that the current government monopolies, enforced by financial regulations, are a challenge to individual liberty:
“This is how tyranny begins, when you give up your liberty and freedom to government, supposedly so they can protect you from bad guys, what ends up happening is you need protection from government.”
 
Related Reading: Gold Investor Peter Schiff Claims Bitcoin Bottom Won’t Hold
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Bulgaria Big On Bitcoin As Reserves Could Exceed Its Gold Stash

There is a growing trend across the world for nations to stock up on reserves of assets as a hedge against fiat and influences beyond their control. Gold is the standard but Bitcoin is rapidly catching up and one nation now has reportedly more BTC than their gold reserves. As further investigation reveals, however, this may not have been a state orchestrated move and appears to be still one that they are trying to deny.
First Nation to Exceed Gold Reserves
Bulgaria has become the first nation in the world to hold more Bitcoin than it has gold. According to reports the country holds more than 200,000 BTC, worth around $2.1 billion at today’s prices. In comparison it only has around 40 tons of gold which is currently valued at around $1.8 billion.
A press release by the Southeast European Law Enforcement Centre (SELEC) in May 2017 revealed that Bulgarian authorities had half a million dollars’ worth of BTC at prices back then. With the recent rally their Bitcoin stash is now worth more than their gold reserves.
The release was part of an investigation into organized crime and the investment into digital assets, it added:
“It was determined that the members of the organized crime group invested the money obtained from these illegal activities in bitcoins, around 200,000 being discovered in the virtual space.”
The investigators were able to determine that exactly 213,519 BTC and a substantial amount of cash was seized in the raids. As a result, the Bulgarian government now has over $2 billion worth of digital currency.
Stash or No Stash?
The original story was reported at the end of 2017 but the government remained rather coy about their Bitcoin holdings. Several conflicting stories emerged, one asserting that the Bulgarian Interior Ministry sold the stash to fund a new air force squadron. This was refuted by various crypto media outlets.
Trustnodes has delved deeper into the saga to reveal that the press release still stands and that authorities did manage to get hold of 200,000 Bitcoins. Politicians in the country may still deny that there is any crypto stash but the immutability of blockchain transactions may prove otherwise.
The reluctance to reveal the addresses is likely to dispel and claims that there are no BTC holdings. The proof will eventually be discovered on the chain but in the meantime the Interior Ministry has said, that there are court cases, prosecutions, and further investigations which explains their disinclination to spill the digital beans.
Until Bulgarian politicians can prove otherwise, the SELEC report still stands so it would not be so outlandish to assume that Bulgaria still has more Bitcoin than gold, making it a world’s first.
Image from Shutterstock
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This Week in Cryptos: Fed Chair Speaks of BTC and Gold While Binance Launches Margin Trading

Key highlights

Fed Chair compares BTC & Gold
SEC Approves First Two RegA+ Tokens
Miami Dolphins accepts LTC
Chinese Police Seize 4,000 Cryptocurrency Miners
Binance launches margin trading

Fed Chair compares BTC & Gold
In an interesting turn of events this week, Federal Reserve Chairman Jerome Powell said that he can foresee a return to an era where multiple currencies are in use in the United States. During Powell’s testimony before the Senate Banking Committee on Facebook’s planned Libra cryptocurrency, he said “Almost no one uses bitcoin for payments, they use it more as an alternative to gold,” he said Thursday afternoon. “It’s a speculative store of value.
SEC Approves First Two RegA+ Tokens
Slowly but steadily, this week, SEC should sign of moving positively towards cryptos. This week, SEC approved First Two RegA+ Tokens, Blockstack, and Props. This green light from the regulator meant the companies could now raise funds through token sales. Props, a spin-off of influencer live-streaming app YouNow, already raised $21 million in a pre-sale with the likes of Union Square Ventures, Comcast, Venrock, and Casey Neistat and will not be raising any money with the RegA+. Blockstack, on the other hand, is seeking to issue a limited amount of “stacks,” which will allow users to purchase domain names, personal identities, and network traffic on the Blockstack network.
Miami Dolphins accepts LTC
This week, another sports team associated itself with cryptos. And its NFL’s Miami Dolphins. Announced by the Litecoin Foundation this week, the partnership between the NFL team and Litecoin will kick off on Sept. 5 – the start of the 2019 NFL season where the Dolphins will accept Litecoin as their “official cryptocurrency.” With this partnership in place, Dolphins fans, at home games at the Hard Rock Stadium, will be able to pay with Litecoin and bitcoin when buying tickets for the Dolphin’s 50/50 raffle, which gives half of the proceeds to the Miami Dolphins Foundation and its charitable causes.
Chinese Police Seize 4,000 Cryptocurrency Miners
Moving across the Eastern countries, this week saw some bad news coming from China. Police in Jiangsu, an eastern-central coastal province in China, seized 4,000 miners that were being used to illegally mine cryptocurrency at nine different factories. The police launched an investigation after a local power firm reported an abnormal electricity consumption spike that led to an energy loss of about $3 million.
Binance launches margin trading
Another service addition but Binance to enhance its offerings and its margin trading. In a company announcement, Binance CEO Changpeng “CZ” Zhao said that the new platform will serve to amplify “trading results of successful trades.” Using the new Margin Trading platform, users can leverage their digital assets in order to borrow funds from Binance. They can then trade the borrowed money — a practice that comes with high risk but also allows for amplified profit potential.
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Source: CoinGape

Bitcoin playing catch up as coin remains undervalued when compared to gold

Bitcoin’s relationship with the mainstream financial market has been strained because of differences in opinion between the two camps. One of Bitcoin’s biggest rivals in the financial ecosystem has been gold, with campaigns like Grayscale’s #DropGold being a major example. An analysis of the stock to flow fundamental model for gold and Bitcoin compared the […]
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Source: AMB Crypto

Digital Assets Will Cause Millennials To Dump Gold For Bitcoin- Barry Silbert

Popular Bitcoin enthusiast and crypto investor, Barry Silbert, during an interview with Inside the Icehouse earlier Thursday, has expressed his opinions about world gold reserves and how Bitcoin would come to replace fiat and many other popular assets including Gold in years to come.
Barry, The Crypto King
Barry Silbert, known by some as “the crypto king” is the Founder and CEO of Grayscale Investments LLC, the parent company of Grayscale bitcoin trust.
Barry also founded and is the CEO of Digital Currency Group, a global enterprise building, supporting and investing in over 140 companies across the globe including Coinbase and Ripple.
New York Fed, World’s Gold Largest Depository
Speaking on the world’s gold reserve as a store of national value for countries and how these countries might need the bitcoin alternative in the future, the Federal Reserve Bank of New York was made a major point of reference.
For the records, the Federal Reserve Bank of New York is the largest depository of monetary gold. Sitting on around 497,000 gold bars with a total weight of 6190 tons buried 50ft below sea level, the New York Fed acts as gold custodian for account holders like the U.S. and the governments of other countries.
Gold Slowly Declining In Availability
According to the report, the history of this enormous gold city dates back to World War II when most countries sought a safe place to store their gold. As of 1937, the mass of gold present at this location was more than 12,000 tons, an amount twice as much as the present reserve. As this world gold reserve continue to decline slowly, more declination is expected to come in years. This then begged the question of what would replace this reserve when all the gold storage is out!
XAU/USD Performance
Recently, gold caught a bullish trend in the stock exchanges and this caused quite a roar as to which was better when compared to bitcoin. Several arguments were put forward along the lines of availability, volatility, acceptability and monetary value. While some bitcoin pessimists maintained that bitcoin was too volatile as a medium of exchange and therefore not a typical currency, bitcoin backers countered by arguing the security, ease of movements and returns on investments side of the story. This was on for some time.
Bitcoin’s  Adventure
Bitcoin too has been bullish for a while after its bearish season of 2018. Although not much happened as to touching its all-time high, it touched a significant $13k USD price in June, a point many thought bitcoin would never rise to again!
Bitcoin Is Readily Available With Fixed Total Supply
However, Barry’s point of view remains understandable and quite straightforward. Bitcoin is definite in supply, easy to transact, readily available and secure(as long as a user stores private keys securely). This relative properties of bitcoin to gold would account for much availability of bitcoin against gold in coming years. Also, as against gold, the total supply of the world bitcoin is certain and increasing value is highly speculated. According to Barry, this would make for a good asset useful as a store of national value in the long run.
Bitcoin Taking Over
Barry, in his opinion on bitcoin taking over fiat and even gold, said there would be no more fiat in years to come and few countries have already recognized the truth. Countries like Venezuela and China are looking into developing national cryptocurrencies in preparation for the crypto revolution. Others will follow the trend too, according to Barry.
It is clear that cryptocurrencies are here to stay as an asset class… It is clear that Money is going digital. It is clear that, in the future, physical cash is gonna go away… You know, from history over 500 years, the average life of fiat currencies is 27 years…
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Source: CoinGape

Are Bitcoin [BTC] and Gold Prices Correlated? – ‘Pomp’ and Schiff to Battle Soon

Bitcoin [BTC] dropped from 13,000 levels from yesterday to trade below $11,800. The bulls failed to break the price above new yearly highs near $14,000.
The price of Bitcoin [BTC] at 4: 45 hours UTC on 11th July 2019 is $11,430. It is trading 11.72% lower on a daily scale.
BTC/USD 1-Day Chart on Bitstamp (TradingView)
On the other hand, Gold rose by around 2% from $1395 to record a high of $1427. The rise can be attributed to Fed’s rate cut view in the US. Peter Schiff tweeted,
Today the Fed indicated that it wants more inflation and that it will cut rates to bring that about. Since inflation erodes the purchasing power of the dollar, investors sought a monetary alternative that acts as a store of value. That’s why they bought gold and not Bitcoin!
Gold/USD 1-Chart on Forex (TradingView)
Nevertheless, Bitcoin has gained about 187% since the beginning of this year. Moreover, in most instances, the rise was in correlation with the falling Chinese Yuan and rising global economic tension. However, Bitcoin’s volatility becomes an issue of concern because a safe haven asset is supposed to preserve value, while there is a lot of risks involved in Bitcoin investment.
Moreover, the viability, digital economic drive, and decentralization in the global economy are arguments that cannot be ignored.
 
Reportedly, Peter Schiff has agreed for another bout with a Bitcoin supporter to present the opposing arguments. In fact, not any supporter but one of the most popular names in Crypto-Twiter – Pomp. Anthony Pompliano, the founder of Morgan Creek Digital will contest Schiff to convince ‘gold bugs’ of Bitcoin’s potential.
Ran Neuner will be the moderator of the debate, he tweeted,

Confirmed: @APompliano vs @PeterSchiff on Crypto Trader! Given their busy schedules we are confirming a time they can both be in the NYC studio. Stay tuned for more detail. ITS GAME ON!
— Ran NeuNer (@cryptomanran) July 10, 2019

The cryptocurrency space witnessed two big showdowns this year with between crypto proponents and Bitcoin bashers. The first was between Peter Schiff and Barry Silbert of GrayScale Investments and the second was recently witnessed between American Economist, Nouriel Roubini, and CEO of one of the largest crypto derivates Exchange, Arthur Hayes.
All participants have presented strong arguments and continue to hold and work on that belief. Nevertheless, Bitcoin’s growth this year on the pretext of a safe haven and ‘digital gold’ has melted the faces of the bears as Bitcoin reached a high of $13,880. However, the volatility and sudden shift in market sentiments still remain an important issue of consideration.
Pompliano aims to change Peter Schiffs’ mind about Bitcoin and hopes that “he walks away a Bitcoin believer.”
Do you think that Pomp will be able to convince Peter otherwise? Please share your views with us. 
The post Are Bitcoin [BTC] and Gold Prices Correlated? – ‘Pomp’ and Schiff to Battle Soon appeared first on Coingape.
Source: CoinGape

Crypto Pundit and Goldbug Peter Schiff Begins to Warm Up to Bitcoin

In recent weeks, both Bitcoin and gold have started to show signs of the early stages of a bull run is beginning. However, goldbug Peter Schiff, founder of SchiffGold, says that while gold is indeed laying the foundation of the next bull run, Bitcoin is actually in a “sucker’s rally,” and has even compared buying Bitcoin to throwing money into the garbage.
The comments have made Schiff a target in the crypto community, and has received a barrage of comments pushing the investor to pay more attention to the digital version of his beloved precious metal, which shares so many of the same qualities that make it unique. But the Bitcoin basher may finally be coming around, and is welcoming a conversation on Bon the first every crypto asset and is hoping that he may be convinced of its value.
Peter Schiff Now Owns Bitcoin: Is the Goldbug Turning Crypto Bull?
The outspoken founder of precious metals investment firm SchiffGold, Peter Schiff, has been on a Bitcoin bashing rampage in recent weeks. In his defense, his entire business and belief system is at risk of being unseated by something he thinks is trash, and is reacting accordingly to protect his investment.
Related Reading | Crypto Pundit Peter Schiff Says Gold Is In Early Bull Market, But Bitcoin Is a Sucker’s Rally
But he might just be finally coming around, now that he actually owns some Bitcoin.

I have been gifted $2,800 worth of Bitcoin. Thanks to all for your generosity. What should I do with my stash? 1. Use it now to buy 24 Karat gold jewelry at https://t.co/At4icF7p0A for my wife. 2. Ignore the FUD and HODL until Bitcoin moons and buy a Lambo for myself.
— Peter Schiff (@PeterSchiff) July 10, 2019

Schiff claims he was “gifted” about 0.25 BTC according to current prices from crypto supporters encouraging him to learn more about the digital asset. The investors asks what he should do with his BTC: buy gold with it for his wife, or “HODL” until Bitcoin “moons and buy a Lambo for myself.”
While he remains a “skeptic,” it’s at least piqued his interest enough to host the first ever “Peter Schiff Bitcoin challenge” live on his Youtube channel. He’s opening the floor for someone to change his mind about Bitcoin.

I will be hosting the 1st ever Peter Schiff Bitcoin challenge live on my Youtube channel on Monday July 15th at 9 PM EDT. If you think you can change my mind on Bitcoin, here’s your chance. Bring your best argument and be prepare to defend it.
— Peter Schiff (@PeterSchiff) July 10, 2019

Cryptocurrency Has Broken Through to Traditional Finance
In addition to the biggest goldbug in the world beginning to come around to Bitcoin, so is the rest of the traditional world of finance. Institutions are finally paying attention, and investors have begun to flock to Bitcoin alongside gold, the Japanese yen, and the Swiss franc as an economic hedge in the face of impending global economic collapse.
Related Reading | Prominent Investor: Mainstream Finance Is Now Considering Bitcoin As a Safe Haven Asset
The world of traditional finance has finally began to give cryptocurrency and more importantly, Bitcoin, the respect it deserves. The trend can also be seen in reverse. Crypto traders who once only stuck to the emerging asset class have started to become increasingly interested in traditional assets outside of crypto, and exchanges have begun to cater to that demand. Both eToro and PrimeXBT offer a range of traditional financial assets outside of crypto, including stocks indices, commodities, forex, and even the gold that Peter Schiff holds so dearly.
If Peter Schiff can be convinced that Bitcoin has real value next to his beloved gold, it won’t be long until the rest of the world realizes Bitcoin’s potential.
 
 
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Is Gold’s Predicted 43% Surge Enough for a Bitcoin Showdown?

Coinspeaker
Is Gold’s Predicted 43% Surge Enough for a Bitcoin Showdown?
Gold has had a good year on average, setting two new six-year records in the spot price and futures market. Since Bitcoin is touted by bulls has a better store of value than gold, what does the gold rally mean for Bitcoin?
Is Gold’s Predicted 43% Surge Enough for a Bitcoin Showdown?

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Source: CoinSpeaker

Bitcoin Still in Bull Market Territory as Gold Plummets; Will Growing Economic Stability Slow BTC?

Both Bitcoin (BTC) and gold have once again been caught in the throes of volatility that have allowed them to form fresh levels of support and resistance that will likely continue to hold strong in the near-future.
Despite this volatility, Bitcoin is still in a firm bull market, and analysts are now noting that gold – and asset that BTC is often compared to – has been facing increasing downwards pressure. But is gold’s poor performance as of late good for Bitcoin?
Bitcoin Begins Climbing Higher Despite Recent Drop
At the time of writing, Bitcoin is trading up just under 2% at its current price of $11,500, which is up significantly from its daily lows of $10,900.
Over the past week, BTC has been forming a pattern of consolidation that has elucidated the cryptocurrency’s current levels of support and resistance, which currently appear to exist at $9,800 and $12,000 respectively.
Assuming that these levels continue hold strong, it is highly likely that Bitcoin will face increased selling pressure as it gets closer to $12,000, which is only slightly above its current price level.
Josh Rager, a popular cryptocurrency analyst on Twitter, spoke about BTC in a recent tweet, explaining that he is leaning bullish on the crypto currently, as it has been able to flip its previous resistance level to a level of support.
“$BTC looking bullish: Flipped resistance into support right on the close of the 4 hour chart. At this time, I see Bitcoin retesting local highs if it can hold current support. This would be quite bullish for likely continuation upward,” Rager noted.

$BTC looking bullish
Flipped resistance into support right on the close of the 4 hour chart
At this time, I see Bitcoin retesting local highs if it can hold current support
This would be quite bullish for likely continuation upward pic.twitter.com/Dx5gWjHCWL
— Josh Rager (@Josh_Rager) July 6, 2019

Gold Plummets Lower as Global Economy Expresses Stability
As of late there has been a growing movement to call Bitcoin “digital gold” or “gold 2.0,” but recent data regarding the US and global economy being stronger than anticipated sent gold’s price reeling down from highs of over $1,420 to its current price of $1,399.
This drop, which came on the heels of stronger-than-anticipated job data, signals that the bulk of Gold’s price action is still highly correlated with data regarding the state of the US and global economy.
Although many investors like to consider Bitcoin as a “safe-haven” investment class, its recent climb and current bullishness seems to signal that its price action is not at all correlated with the state of the global economy and is likely to continue moving independently in the near-future.
Featured image from Shutterstock.
The post Bitcoin Still in Bull Market Territory as Gold Plummets; Will Growing Economic Stability Slow BTC? appeared first on NewsBTC.
Source: New feedNewsBTC.com

Whoever Spread the Fake News About Gold Asteroid Succeeded to Pump Bitcoin

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Whoever Spread the Fake News About Gold Asteroid Succeeded to Pump Bitcoin
CEO of investment advisory firm Euro Pacific Capital, Peter Schiff said that the news of a massive 16 Psyche asteroid that contain abundant amounts of gold is ‘just nonsense’ propagated by the Bitcoin community.
Whoever Spread the Fake News About Gold Asteroid Succeeded to Pump Bitcoin

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Source: CoinSpeaker