Cryptocurrency
Bitcoin Expects to Hit Yearly Highs on UBS’s Bullish Gold Call; Here’s Why
Bitcoin Expects to Hit Yearly Highs on UBS’s Bullish Gold Call; Here’s Why: As reported on NewsBTC, “Bitcoin is looking to resume its uptrend towards $12,500 based on its proximity with traditional rival gold. “The analogy pops out of an erratic positive correlation between the two assets that have caused them to trade in tandem […]
Bitcoin Expects to Hit Yearly Highs on UBS’s Bullish Gold Call; Here’s Why:
As reported on NewsBTC, “Bitcoin is looking to resume its uptrend towards $12,500 based on its proximity with traditional rival gold.
“The analogy pops out of an erratic positive correlation between the two assets that have caused them to trade in tandem since March 2020. Both gold and Bitcoin receive their cues from the same set of fundamentals: the global central bank policies in response to the coronavirus pandemic.
“That includes ultralow interest rates, an expanding fiscal deficit, an infinite bond-buying program, and a weakening US dollar. These policies ensure that safe-havens other than gold and Bitcoin return meager yields to their investors. They thereby leave them with no option but to seek better results in riskier assets…”