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Battle of stores of value – Bitcoin hits new record high in gold

Bitcoin is climbing to a new record price measured in gold.

Bitcoin ( BTC ) reached another record high yesterday, Friday, but this time in the currency pair with gold.

Additional evidence that the demand for the market-leading cryptocurrency is rising into new spheres

While the Bitcoin price climbed above the 29,000 US dollar mark on Friday, the crypto currency also reached a price level of 15.62 ounces of gold, which exceeded the previous high from December 2017, according to data from U.Today demonstrate.

The year 2020 turns out to be more and more a milestone for Bitcoin, because the increased interest of institutional investors has given the crypto currency the strongest soaring in its 11-year history. Bitcoin was able to achieve a gain of almost 300% in 2020.

Gold also had a strong year with significant gains, which pale in comparison to the crypto currency, because the precious metal managed „only“ an increase of 25%

Many crypto experts are convinced that Bitcoin will take over more and more market shares from gold in the future, because in the duel for the place as the leading store of value, the crypto currency offers decisive advantages such as efficiency, easier transferability and scarcity. Even the analysts at the large investment bank JPMorgan Chase now support this thesis .

Some experts suspect that the Bitcoin price will continue to climb in 2021 due to a continuing shortage. As Cointelegraph reported yesterday , the influential wealth management company bought three times as much Bitcoin as it mined in December.