Bitcoin Reaches New All-Time High Against Gold at 32.19 Ounces per BTC
Bitcoin (BTC) has achieved a new all-time high (ATH) against gold, reaching a ratio of 32.19 ounces of gold per BTC, as noted by trader Peter Brandt in an X post.
Bitcoin Hits New ATH Against Gold: Room For Further Growth?
Brandt's analysis indicates that Bitcoin's performance relative to gold is strengthening, highlighting its potential as a store of value. He suggested a future target of 89 ounces of gold per BTC, indicating further growth potential. This perspective aligns with the view that Bitcoin aims to challenge gold’s $15 trillion market cap.
Brandt previously predicted Bitcoin could rise 400% against gold by 2025 and estimated it could reach 123 ounces of gold based on historical trends. A report from trading firm Bernstein supports this narrative, forecasting Bitcoin's potential to replace gold as a safe-haven asset within the next decade. Currently, Bitcoin has a market cap of $2.11 trillion, approaching gold’s dominance.
Eric Voorhees, CEO of ShapeShift, also predicts that Bitcoin’s programmed supply scarcity will drive its price higher compared to gold or oil. Nate Geraci, President of the ETF Store, anticipates that Bitcoin-based exchange-traded funds (ETFs) may surpass gold ETFs in assets under management within two years, with current net inflows into spot BTC ETFs at $35.6 billion versus $55 billion for gold ETFs.
Implications Of A Potential BTC Strategic Reserve
With Bitcoin exceeding the $100,000 price level, speculation about President-elect Donald Trump’s stance on digital assets has increased, suggesting he may prioritize Bitcoin adoption, potentially boosting its price further. Data shows that the number of BTC whales—wallets holding over 1,000 BTC—has risen significantly since Trump's election victory.
Speculation regarding a possible US strategic Bitcoin reserve has also emerged, with financiers arguing that such a move could prompt China and other nations to follow suit. As of now, Bitcoin trades at $106,909, reflecting a 3.7% increase in the past 24 hours.
