Bitcoin's Value to Surge 230% Against Gold, Predicts Veteran Trader Peter Brandt
Summary:
Veteran trader Peter Brandt predicts a 230% increase in Bitcoin (BTC) value against gold. Brandt foresees the gold-to-BTC ratio reaching 100 oz. per BTC over the next 12 to 18 months. His prediction, although unverified, draws credibility from the historic performance of both assets. Since competing with gold in 2017, Bitcoin's value has consistently ranked higher, even during the worst periods of market downturn. Gold peaked at $2,449 per ounce in May 2024 at a time when Bitcoin hit around $74,000. Currently, approximately 29 ounces of gold would be needed to purchase a single Bitcoin.
Peter Brandt, a veteran trader, recently speculated that Bitcoin (BTC), the decentralized cryptocurrency, could gain a 230% lead over gold. According to Brandt, the gold-BTC ratio is projected to vacillate over the next year or a year and a half before it ascends to an unprecedented level of 100 oz. of gold for each BTC. He then turned the discussion to renowned gold investor Peter Schiff to hear his thought. Source: PeterLBrandt. While the validity of Brandt's forecast remains unestablished, a comparison between BTC and gold's historical prices implies his statement is neither unfounded nor far-fetched.
From the start, Bitcoin has progressively been gaining on gold and surpassed the value of the precious metal in 2017. That year saw Bitcoin attain its record-breaking price of $19,649 on the 17th of December. When gold's market reopened on the 18th of December 2017, the commodity achieved a $1,264 per ounce value before closing at $1,261 per ounce. Thus, it took about 15.5 ounces of gold to buy a single Bitcoin at that time.
Bitcoin's price has consistently surpassed that of gold since, even during the brutal depressions of the 2018-2019 bear market when Bitcoin bottomed out at roughly $3,126 in December 2018. Meanwhile, gold's price rose but only peaked at approximately $1,283 by the end of December 2018.
Bitcoin enthusiast Pompliano anticipates BTC's market dominance over gold and its leading role in economic recovery. Throughout 2020, gold underwent another bull run, which was temporarily halted by the notorious March 2020 market crash caused by the COVID-19 crisis, affecting numerous investment assets, including Bitcoin.
By August 2020, gold attained another historic peak of nearly $2,075 an ounce amidst alarms of recession and uncontrolled inflation among investors. In the same month, Bitcoin’s value remained stable, reaching about $12,341.
Both investment vehicles exhibited lackluster performance in 2022 but bounced back in 2023. In May 2024, gold set a new record at about $2,449 per ounce and is presently valued around $2,320 per ounce, while Bitcoin reached a high near $74,000 before dropping to about $67,210 at the moment. The current market rates suggest 29 ounces of gold would be needed to buy a single Bitcoin.
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Published At
5/31/2024 8:31:41 PM
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