Bitcoin capitalization reached 1.62% of the total market value of gold
On July 28 and 30, gold significantly sank in price.
Even a well-known proponent of the precious metal, financial expert Peter Schiff, drew attention to this.
Gold has now lost all of its gains since yesterday. But that has caused gold stocks to lose all of their gains since July 20th, when the price of #gold was over $100 lower. This is a classic wall of worry. Stock investors are scared the bull market is over every time gold drops.
— Peter Schiff (@PeterSchiff) July 30, 2020
"Gold has lost all of its gains since July 20, when the price of an ounce was $100 lower. This is a classic wall of worry. Stock investors are afraid of a bull market every time gold falls, " he said.
In turn, the price of bitcoin shows a steady growth and at the time of writing is $11,138.
Now for 1 BTC, you can buy 5.6 ounces of gold, and the total capitalization of bitcoin is 1.62% of the capitalization of the precious metal.
At the time of writing, the capitalization of the cryptocurrency market is $335.6 billion, of which $ 205 billion is accounted for by bitcoin.
The current bull run of bitcoin will be qualitatively different from the previous ones, according to the co-founder of the American cryptocurrency exchange Gemini Cameron Winklevoss
The next #Bitcoin bull run will be dramatically different. Today, there’s exponentially more capital, human capital, infrastructure, and high-quality projects than in 2017. Not to mention the very real specter of inflation that all fiat regimes face going forward. Buckle up!
— Cameron Winklevoss (@winklevoss) July 29, 2020
"There is exponentially more capital, human capital, infrastructure and high-quality projects in the world today than in 2017. Not to mention the very real specter of inflation that Fiat supporters will face in the future, " he wrote.
According to a number of experts, bitcoin is highly likely to continue growing to the level of $13,000 and higher.
Earlier, Morgan Creek Digital co-founder Anthony Pompliano and financial expert Peter Schiff argued that bitcoin or gold is better. As an argument in favor of the cryptocurrency, Pompliano pointed out that bitcoin has outpaced the precious metal in dynamics over the past decade – since the beginning of 2020, its value in US dollars has increased by 43.4% against 27.2% for gold.
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