Bitcoin

Gold

April

Taking to X on April 22, Willy Woo, an on-chain analyst,<a class="editor-rtfLink" href="https://twitter.com/woonomic/status/1782376358259384669" target="_blank" rel="noopener nofollow">&nbsp;notes</a>&nbsp;that the tides are turning in the age-old battle between gold and Bitcoin. While gold has enjoyed a 6,000-year reign as a scarce asset, advancements in mining technology have eroded its scarcity narrative, going by the accelerated production rate in the past few decades.&nbsp; 
<img loading="lazy" decoding="async" class="size-full wp-image-295975" src="https://bitcoinist.com/wp-content/uploads/2024/04/GLxEmz2boAAlQTE.jpg?resize=1024%2C720" alt="Gold production | Source: Analyst on X" width="1024" height="720" srcset="https://bitcoinist.com/wp-content/uploads/2024/04/GLxEmz2boAAlQTE.jpg?resize=1024%2C720?w=2352 2352w, https://bitcoinist.com/wp-content/uploads/2024/04/GLxEmz2boAAlQTE.jpg?resize=1024%2C720?w=597 597w, https://bitcoinist.com/wp-content/uploads/2024/04/GLxEmz2boAAlQTE.jpg?resize=1024%2C720?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/04/GLxEmz2boAAlQTE.jpg?resize=1024%2C720?w=939 939w, https://bitcoinist.com/wp-content/uploads/2024/04/GLxEmz2boAAlQTE.jpg?resize=1024%2C720?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2024/04/GLxEmz2boAAlQTE.jpg?resize=1024%2C720?w=2048 2048w, https://bitcoinist.com/wp-content/uploads/2024/04/GLxEmz2boAAlQTE.jpg?resize=1024%2C720?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/04/GLxEmz2boAAlQTE.jpg?resize=1024%2C720?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
<h2 id="gold-versus-bitcoin-which-is-a-better-store-of-value">Gold Versus Bitcoin: Which Is A Better Store Of Value?</h2> 
Meanwhile, Bitcoin’s supply is decreasing as gold risks an oversupply in the next few years. With the Halving event on April 20, the BTC’s scarcity is only set to become even more pronounced in the years to come.&nbsp; 
Since launching, the Bitcoin network has reduced daily issuance to miners through <a href="https://bitcoinist.com/bitgert-coins-rise-capturing-opportunities-after-bitcoins-halving/" target="_blank" rel="noopener ">Halving</a>. In the fifth epoch, the network rewards 3.125 BTC to every successful miner or mining pool every 10 minutes. This rate is down 50% from epoch four when rewards stood at 6.25 BTC per block. 
Overall, Gold and Bitcoin are considered safe-haven assets. However, over the past centuries, the scarcity of gold has made it the preferred store of value assets for banks and countries. Nearly all central banks in the world hold gold in their reserves. 
However, due to technological advancements increased production rate, Woo now thinks gold holders will face rough times in the coming years as new supply floods the market.&nbsp; 
Woo backs Bitcoin, a digital asset considered digital gold due to its predetermined and transparent issuance schedule. Traditional gold investors have failed to recognize that the yellow metal is a “slow-moving rug pull” playing out over the next decade, Woo says. 
<h2 id="is-btc-preparing-for-a-sharp-rally">Is BTC Preparing For A Sharp Rally?</h2> 
In another post on X, Woo&nbsp;<a class="editor-rtfLink" href="https://twitter.com/woonomic/status/1782259776585674973" target="_blank" rel="noopener nofollow">argues</a>&nbsp;that the Bitcoin Price ratio suggests that the coin is gearing for a mega run upward. The rally, the analyst continues, has not even started despite Bitcoin surging to as high as $73,800 in March 2024.&nbsp; 
<img loading="lazy" decoding="async" class="size-full wp-image-295977" src="https://bitcoinist.com/wp-content/uploads/2024/04/GLvXlpVbMAA8M2y.jpg?resize=1024%2C811" alt="Bitcoin price ratios | Source: Analyst on X" width="1024" height="811" srcset="https://bitcoinist.com/wp-content/uploads/2024/04/GLvXlpVbMAA8M2y.jpg?resize=1024%2C811?w=3164 3164w, https://bitcoinist.com/wp-content/uploads/2024/04/GLvXlpVbMAA8M2y.jpg?resize=1024%2C811?w=530 530w, https://bitcoinist.com/wp-content/uploads/2024/04/GLvXlpVbMAA8M2y.jpg?resize=1024%2C811?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/04/GLvXlpVbMAA8M2y.jpg?resize=1024%2C811?w=833 833w, https://bitcoinist.com/wp-content/uploads/2024/04/GLvXlpVbMAA8M2y.jpg?resize=1024%2C811?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2024/04/GLvXlpVbMAA8M2y.jpg?resize=1024%2C811?w=2048 2048w, https://bitcoinist.com/wp-content/uploads/2024/04/GLvXlpVbMAA8M2y.jpg?resize=1024%2C811?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/04/GLvXlpVbMAA8M2y.jpg?resize=1024%2C811?w=1140 1140w, https://bitcoinist.com/wp-content/uploads/2024/04/GLvXlpVbMAA8M2y.jpg?resize=1024%2C811?w=3000 3000w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
The spike in the coin’s valuation above the previous all-time high of $70,000 was a deviation from historical performance. 
Even so, if history guides and prices surge even higher in the current epoch, a new all-time high will be recorded in alignment with Woo’s projections. <a href="https://www.tradingview.com/x/FWwFxMpb/" rel="nofollow noopener" target="_blank"><img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/FWwFxMpb/" alt="Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView" width="1787" height="904"></a> 
By analyzing how the Bitcoin Price ratio behaved relative to previous Halving events, Woo now thinks the current leg up will be a unique blend of solid market demand and dominance. 
&nbsp;

Bitcoin Versus Gold: Analyst Says The Yellow Metal Is A “Slow-Moving Rug Pull”

Tabla de contenidos

Bitcoinist

Otros artículos publicados el 23 abr 2024

Safe Protocol’s Governance Token Hits Trading Platforms

7 Best Bitcoin Ecosystem Altcoins for 100x Gains as BTC Surges Post-Halving

BlackRock Launches ‘BUIDL’ Asset Fund on Ethereum

Dogecoin Price Prediction: Is DOGE Price Set To Explode?

Do Kwon can’t leave Montenegro, but owes the US millions

Coinbase Crashes Again? Coinbase’s Server Capacity Woes

¡Únete a nuestro boletín gratuito para recibir actualizaciones diarias de criptografía!