Bitcoin

See why Bitcoin is a better investment opportunity than gold

Published

7 months ago

16 June, 2024

See why Bitcoin is a better investment opportunity than gold

These two assets always seem to generate comparisons.

It’s been a great time to be an owner Bitcoin (Bitcoin 0.51%). Since the start of 2023, the leading digital asset has soared 307%. The approval of spot exchange-traded funds (ETFs), as well as the April halvedwere recent catalysts.

Investors may be surprised to learn that gold is also close to records thanks to the bullish sentiment. Bitcoin and this precious metal are often compared to each other. But the leading cryptocurrency is a better asset to own.

How Bitcoin and Gold Are Similar

Market participants like to compare Bitcoin and gold. So it might be worth first understanding some similarities between the two.

Scarcity is something investors should be aware of. Burned into Bitcoin’s software is a hard supply limit of 21 million coins. And in the earth’s crust there is a certain amount of gold.

The prices of assets that have a fixed supply should, in theory, rise as demand also grows. This basic economic principle helps explain why gold has been seen as a popular store of value over long periods of time.

Furthermore, there is some utility here as well. Gold is primarily used in jewelry, but is present in certain industrial settings. Likewise, Bitcoin’s value arises from being a completely decentralized network, with no single entity in charge, thus reducing transaction costs and sending money to someone across the world.

The advantage of Bitcoin

At a high level, it’s easy to see how Bitcoin and gold are scarce. Furthermore, both are useful in different situations. But if we dig deeper, we can easily see how top cryptocurrencies are a superior investment.

Let’s return to the topic of scarcity. Investors may think that gold has a fixed supply limit, but that couldn’t be further from the truth. According to the US Geological Survey, 77% of all gold in the Earth’s crust has been mined. Consequently, there is still a considerable amount of gold to be mined.

If, for any reason, demand for gold skyrocketed in a short period of time, mining companies would be encouraged to invest aggressively to expand their operations in order to reach areas around the world that might otherwise be difficult to access. In other words, the gold supply schedule could be changed based on demand trends.

This is where Bitcoin stands out. It is absolutely finite. The previously mentioned 21 million coin supply cap is highly unlikely to change unless Bitcoin stakeholders want to completely undermine the value proposition of the entire network. Because Bitcoin’s supply schedule cannot be changed, its price is often volatile.

Compared to gold, which is a physical commodity, Bitcoin is a digital asset. And that means it’s easier to store and transport. Bitcoin can also be divided into much smaller units while still being acceptable in certain transactions. Try going to a restaurant and cutting a gold coin to pay the bill.

Investors should also not ignore the store of value debate, which is probably the most viewed aspect when comparing Bitcoin and gold. Here, Bitcoin shines brighter than the precious metal.

At the end of the day, saving and investing means increasing purchasing power over time. Over the past five years, the price of Bitcoin has soared 718%. This means that a $1,000 investment in June 2019 would be worth almost $8,200 today.

The price of an ounce of gold, on the other hand, only increased by 73% during the same period. And this phase included major disruptive developments such as the pandemic, inflationary pressures, higher interest rates and general economic uncertainty.

In the future, Bitcoin and gold will likely continue to draw comparisons. But I think in the next five or 10 years, the leading cryptocurrency looks like the best investment opportunity.

Neil Patel and its clients do not have a position in any of the stocks mentioned. The Motley Fool has positions and recommends Bitcoin. The Motley Fool has a disclosure policy.

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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