Cryptocurrency
Bitcoin Still No Match for Gold in Terms of Store of Value
As reported on NewsBTC, “Global markets are in turmoil today as news of a Saudi Arabia-led crude oil price war caused selloffs around the world. Bitcoin joined the decline too with its own agonising plunge but gold price is holding up great. “Market analysts from both cryptocurrency circles and elsewhere continue to debate which asset represents the […]
As reported on NewsBTC, “Global markets are in turmoil today as news of a Saudi Arabia-led crude oil price war caused selloffs around the world. Bitcoin joined the decline too with its own agonising plunge but gold price is holding up great.
“Market analysts from both cryptocurrency circles and elsewhere continue to debate which asset represents the better store of value. Bitcoin might have it on paper, but gold boasts a much stronger historical precedence.
“Gold is one of the few markets around the world that remains relatively stable following mass selloffs just about everywhere else…
“…Those assets typically thought of as safe havens, such as gold, have fared consistently better than other markets. Bitcoin too had seemed to benefit from the spread of uncertainty. That was until today.
“As news about the collapse of the OPEC/Russia agreement spread, Bitcoin price dropped hard. From around $8,750, the leading crypto asset plunged to less than $7,740 at the time of writing.
“Evidently, Bitcoin investors are not immune to the fear gripping those in other markets. The safe haven narrative that many have previously touted is, clearly, not quite accurate yet…”