Futures traders for gold are already betting on more downside in the short term. It appears that there is an inverse relationship between Gold spot prices and Bitcoin spot prices as seen by comparing
BTCUSD
with
XAUBTC
. As Gold falls out of favor and is used less and less in modern portfolio theory, Bitcoin is the apparent beneficiary.
Last I heard, Gold could check all the way back to the 1500-1600 range; which is right around the 100-day moving average on the 5-year chart.
If the former and the latter have any validity to them, this should auger for quite the year for bitcoin to appreciate and become a common balance sheet item in the corporate world.
The year-end price target for Bitcoin is $75,000.
I think gold will still have a place in the modern portfolio due to its uses in technology and healthcare but it will no longer be the go-to inflation hedge or weak dollar hedge. Bitcoin should take over that role, as well as some of the other more widely respected and accepted cryptos such as Ethereum.
BTCUSD
with
XAUBTC
. As Gold falls out of favor and is used less and less in modern portfolio theory, Bitcoin is the apparent beneficiary. Last I heard, Gold could check all the way back to the 1500-1600 range; which is right around the 100-day moving average on the 5-year chart.
If the former and the latter have any validity to them, this should auger for quite the year for bitcoin to appreciate and become a common balance sheet item in the corporate world.
The year-end price target for Bitcoin is $75,000.
I think gold will still have a place in the modern portfolio due to its uses in technology and healthcare but it will no longer be the go-to inflation hedge or weak dollar hedge. Bitcoin should take over that role, as well as some of the other more widely respected and accepted cryptos such as Ethereum.
