tl;dr
Bitcoin maintains a lead over gold, despite the precious metal hitting record highs. Bloomberg's senior ETF analyst, Eric Balchunas, notes the narrowing gap between the two assets. Gold's recent surge and inflows into gold-backed ETFs have not diminished crypto's dominance as a store of value. The o...
Bitcoin maintains a lead over gold, despite the precious metal hitting record highs. Bloomberg's senior ETF analyst, Eric Balchunas, notes the narrowing gap between the two assets. Gold's recent surge and inflows into gold-backed ETFs have not diminished crypto's dominance as a store of value.
The ongoing BTC vs. gold debate is fueling investor discussions amid economic uncertainties. The correlation between crypto and gold has gained attention as both assets are sought as a hedge against the weakening US dollar and global economic woes.
The "store of value smackdown" between BTC and gold, as Balchunas calls it, is far from over, as reports suggest Bitcoin's price will hit an all-time high following gold's surge. Bitcoin continues to maintain a lead over gold, even as the precious metal hits record highs. Bloomberg’s senior ETF analyst, Eric Balchunas, has highlighted the narrowing gap between the two assets. Despite the metal’s recent surge and significant inflows into gold-backed ETFs, the crypto’s dominance as a store of value remains evident.
The ongoing rivalry between BTC and the yellow metal is fueling debates among investors, which has already received immense traction lately amid economic uncertainties. The Bitcoin vs. gold debate was one of the hottest topics in the financial market recently, amid the growing competition between the two assets. Recently, the yellow metal prices hit a new high of $2,530, gaining significant attention.
Meanwhile, Eric Balchunas highlights that investors have poured $2 billion into the SPDR Gold Trust (GLD) ETF in just six weeks, capitalizing on the metal’s 24% gain over the last 6 months. Notably, this rally, according to Balchunas, has crushed the performance of traditional stocks, reflecting the yellow metal’s appeal as a safe haven during economic uncertainties. However, he noted that BTC has not been left in the dust.
The Bloomberg analyst said that the crypto still holds a narrow lead against the precious metal in terms of performance. In addition, he mentioned that while the precious metal is finally reaping the rewards of its recent gains, the crypto’s lead remains intact with a slim margin of around 500 basis points. The correlation between crypto and metal has gained notable attention from market participants lately. As crypto matures and sees wider acceptance, its role as a store of value is often compared to the metal.
The ongoing debate between Bitcoin and gold as the ultimate store of value has intensified, especially with notable figures like Robert Kiyosaki advocating for investments in both. Kiyosaki and other market analysts suggest that diversifying into BTC, gold, and silver could be a prudent strategy as the US dollar’s value continues to decline. As the precious metal reaches new heights, BTC’s performance remains closely watched.
While the yellow metal has historically been the go-to asset during times of economic turmoil, the crypto’s digital nature and its increasing acceptance in the financial world have positioned it as a formidable contender. The narrowing gap between the two assets suggests that the “store of value smackdown,” as Balchunas calls it, is far from over. Notably, a flurry of reports also suggests that Bitcoin price will hit an all-time high, following the metal’s surge to a new high.
As of writing, BTC price was up 3.34% to $60,421, with its trading volume declining 22% to $27.65 billion. Over the last 24 hours, the crypto has touched a high of $61,396.33 and a low of $58,416.65, reflecting the highly volatile scenario in the crypto market.
More about Rush Street Interactive Inc
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Rush Street Interactive Inc, Rush Street Interactive, Inc. is an online casino and sports betting company in the United States and Latin America. The company is headquartered in Chicago, Illinois.
Industry: TRADE & SERVICES
Sector: SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION
Market Cap: 2131088000
Dividend Yield: None
Beta (5Y Monthly): None
PE Ratio (TTM): -0.09
EPS (TTM): 10.78
Earnings Date: -0.0084
Forward Dividend & Yield: 801545000, 13.03
Ex-Dividend Date: 0
1y Target Est: 0.888
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