Following Bitcoin’s (BTC) crash in the wake of growing conflict between Israel and Iran, questions have emerged regarding the asset’s ability to emulate gold and serve as a hedge in an environment dominated by geopolitical disputes.
In this light, a prominent analyst in the precious metals sector has suggested that after Bitcoin’s latest price movement, the asset’s promise to serve as “digital gold” has become a disappointment, Peter Spina said in an X post on October 2.
Spina shared data comparing Bitcoin to gold over the last several years to support this assessment, highlighting a notable disparity in performance.
While Bitcoin surged during the cryptocurrency bull run of 2021, it has since seen a dramatic decline. The data indicated that the Bitcoin-to-gold ratio peaked at 37.53 in 2021, only dropping around 22.60—42% off its peak. Meanwhile, gold has maintained steady growth, rising to above $2,600 per ounce as of October 2024.
Bitcoin to gold ration c
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