The price of gold has been crashing over the last nine years in terms of BTC. As the adoption rate of the flagship cryptocurrency grows, more ounces of gold can be bought with a single Bitcoin.
The idea was to deliver transparent and actionable data and analytics about the cost of an ounce of gold in terms of Bitcoin to industry stakeholders.
Based on this trading pair, gold experienced a whopping 370,000x decline since 2010.
The precious metal went from trading at a high of 23,600 BTC per ounce on July 25, 2010, to an all-time low of 0.064 BTC per ounce on Dec. 16, 2017.
According to Josh Olszewicz, a self-taught trader and writing contributor at Brave New Coin, the downturn that gold went through against BTC is so steep that the veteran gold bug and longtime crypto critic Peter Schiff would not want anybody to see this chart.
Although gold has managed to recover its value and is now hovering around 0.20 BTC per ounce, it is still far from reaching the levels it saw nine years ago.
Based on the supply and demand economic model, gold may be bound for a further downward push.
The introduction of asteroid mining could open the doors to an enormous supply of gold.
NASA estimates the total value of resources in asteroids could be worth quadrillions on Earth, which could bring to an end to gold as a store of value.
As the world marches into the digital era, it may make it even more likely that Bitcoin, the decentralized digitally scarce cryptocurrency, becomes the world's preferred store of value asset.
Gold is down 100,000x in terms of Bitcoin since 2010
gepubliceerd op Nov 26, 2019
by Cryptoslate | gepubliceerd op Coinage
Coinage
Vermeld in dit artikel
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.