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Bitcoin hits all-time high against gold

On Friday, January 1, the price of Bitcoin claimed another all-time high, this time against gold, giving more confirmation that interest for digital assets is growing.

On Friday, BTC zipped past $ 29,000 and according to MarketWatch data, the digital currency reached 15,40 gold ounces above the last high in December 2017.

According to U.Today, the bitcoin-gold rate peaked at 15.62 ounces in the early hours.

As reported, 2020 was a watershed year for Bitcoin as institutional adoption helped catalyze the bull market, unlike any we’ve seen so far in its 11-year history. The biggest cryptocurrency in market capitalization, Bitcoin saw a huge rise of around 300 percent in 2020. Gold has made remarkable gains for the year, even though they paled in comparison to bitcoin’s meteoric rise. The spot price of yellow metal finished the year with a 25% rise.

Bitcoin’s biggest advocates claim that the digital currency eats away at the gold market cap as investors opt for the efficiency, portability and proven scarcity of the asset. Amazingly, that view is also shared by JPMorgan Chase analysts, who believe that bitcoin’s digital gold story draws money away from precious metals.Some assume that the supply squeeze of Bitcoin could send higher prices over the course of 2021. As Cointelegraph recently stated, Grayscale, the digital asset manager, purchased almost three times the BTC mined in December. Demand from PayPal, Cash App and others have contributed to the obvious shortage of BTC supplies.

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