Bitcoin through gold to $ 18,000?
Bloomberg has been arguing for some time that Bitcoin is becoming more and more digital gold. The analysts of the business magazine attribute this to the fact that both financial products share some important features, such as a limited circulation quantity and a low increase rate of the circulation quantity. Now Bloomberg takes this thesis one step further by citing a connection between the price developments of Bitcoin and gold:
“Bitcoin is stabilizing at roughly 6 times the value of gold. The increasing correlation and decreasing volatility between the precious metal and the cryptocurrency indicate, in our opinion, a lasting interaction in the price development. The unbridled monetary policy of global central banks should continue to provide a strong tailwind for the two financial products. ”
It is still unclear whether there is actually a fixed interaction between the two assets. According to the assumption by Bloomberg, however, the Bitcoin price could soon rise to 18,000 US dollars as a result of this alone, because the analysts are predicting “a potential upswing of up to 3,000 US dollars” for gold. The market-leading cryptocurrency would follow this trend according to the Bloomberg thesis, and its price would then be 6 times as high.