Gold has exceeded many challenges over the last centuries, and it is seen as the best place to invest. However, some investors are proposing that Bitcoin (BTC) can be an excellent competitor to gold and that it has the greatest opportunity to dethrone gold as the safest haven to invest in.
Over the years, there have been other contenders to gold: florins, salt, and ducats; and none of them have been able to keep up with the market.
Bitcoin is a decentralized digital asset, and it is seen as the biggest competitor to gold’s value at the moment. During the closing part of 2017, the price of Bitcoin increased from $1000 to $19,000, and it is taking the same path as gold as a substitute for fiat currencies.
Gold and Bitcoin market chart
Gold had a big run-up in the 1970s. At that time, however, Richard Nixon unsealed the United States Dollars from gold, and that increased the worth of gold as a result of demand and supply. Gold increased from $20 to $30 an ounce to about $600.
However, the price of gold became bearish and decreased to $300 an ounce. In the year 2003, the gold-backed ETF was introduced into the market by the Rothschilds and the Deutsche Bank; and this skyrocketed the price of gold to $1300 an ounce, which is a 300% increase.
Similarly, if we are to take a look at Bitcoin at the moment, Bitcoin has an all-time high of about $20,000 – at the time of writing, the price of Bitcoin sits at $7,465, with a market capitalization of $128.09 billion, according to CoinMarketCap.
Bitcoin and gold charts look very much alike. Bitcoin (BTC) currently has the same bullish and bear runs as gold had in the year 1980s. It is important to know that gold’s chart happened in a 20-year cycle, while that of Bitcoin occurred within a year, but both charts look very similar. In Bitcoin’s case, it occurred within a year at a fast pace due to demand and supply.
The introduction of ETF could boost Bitcoin’s price to $60,000
As stated earlier, when ETF was approved on gold, there was a massive increase. And now, in the case of Bitcoin, ETF is set to be approved very soon, and we could actually see a massive bullish run if the approval isn’t a lock-down scenario. As in the case of the 300% increase on gold, Bitcoin’s price could rise to $80,000. But let’s just keep 26% off to be on safe side, so even if Bitcoin jumps in value by 273% instead of 300% as Gold did, it could rise to $60,000 – which will be a 940% return.
The market capitalization of gold – with all the gold that has been mined – is about $8.7 Trillion. However, if Bitcoin attains a $60,000 price mark, then, its market capitalization will be about $1.26 Trillion with a circulating supply of 21 million.
Bitcoin’s market capitalization at $60,000 has the tendency to increase further, if it gets more regulation clarity, and if a supreme country backs their currency using Bitcoin (BTC) as a reserve currency. There could be a whole lot more that can increase the market capitalization of Bitcoin at that $60,000. Meanwhile, as things stand, this is the right time to invest in Bitcoin due to the fact that great things are coming up.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…