Could gold send Bitcoin to $50,000? Analysis from TechDev_52 makes the case.
BTC/USD 1-hour candle chart . Source: TradingViewEven gold bugs, traditionally far from allies of Bitcoin, are eyeing a new halcyon era for the metal’s own fortunes.Alasdair Macleod, head of research at Goldmoney, this week brought geopolitics to the fore in his forecast, predicting a major uptick in gold-based trade in Russia, China and across Asia.
“Russia will not make formal announcements about gold standards, because there is no need. Nor will China: instead it might reveal an increase in gold reserves,” part of a Goldmoneyit with gold as money from December flatly predicting that the latter would win out in a crisis. “To affirm its status as money, bitcoin will have to obey the laws of time preference. In other words, its current relationship with interest rates must change, so that rising interest rates reflecting fiat currencies’ loss of their purchasing power should become reflected in rising values for bitcoin,” he wrote.
“We will not try to guess this future. But we can say confidently that if the debasement of currencies accelerates, gold’s relative value will increase accordingly while that of bitcoin might not.” Other popular commentators have been more complimentary, with Mike McGlone, senior macro strategist at Bloomberg Intelligence, frequentlyThe views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mythical Games eyes $50 million raise, launches enhanced NFT-gaming marketplaceBlockchain-gaming unicorn Mythical Games’ plan for surviving a prolonged crypto winter? Go on the offensive.
Read more »
Aptera’s Solar-Powered EV Is Finally Finished—and It Looks Just as Bonkers as the ConceptThe start-up needs to raise $50 million to begin building its futuristic three-wheeler.
Read more »
Bitcoin, Ethereum Technical Analysis: ETH Falls Below $1,600 as Relative Strength Sinks – Market Updates Bitcoin NewsEthereum moved below $1,600 on Jan. 25, with bears selling previously overbought cryptocurrencies. Bitcoin also fell below $23,000.
Read more »
Cboe Plans to Go Beyond Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH) and Litecoin (LTC)Cboe made another foray into cryptocurrency market following acquisition of ErisX
Read more »
Tesla's Q4 Balance Sheet Shows Bitcoin Holdings Worth $184 Million – Featured Bitcoin NewsTesla's latest balance sheet shows bitcoin holdings worth $184 million. The company did not sell any $BTC in the fourth quarter. crypto cryptocurrency
Read more »