Mainstream media outlets are scrambling to get articles out regarding the recent all-time high bitcoin price. Even though the market is currently dealing with a strong pullback, it is expected the price will pick up again shortly. It is evident bitcoin will remain more valuable than gold for quite some time to come. The balance of power is shifting from the old investment vehicles to a new generation of digital assets.
Bitcoin Trumps Gold Despite Opposition
It is evident some entities are not too happy about bitcon’s recent value gains. Every time the cryptocurrency sets a new record in terms of value, there is a lot of resistance and people attempt to bring the price down a notch. A similar trend occurred this morning, as bitcoin quickly lost nearly 5% of its value in a matter of minutes. Some people who bought in cheap are looking to get out a nice profit, which is only understandable. Then again, so much resistance seems to indicate people are deliberately driving the price down for some unknown reason.
While this heavy resistance is trying to disrupt bitcoin’s price gains, one thing has become obvious. Bitcoin is currently more valuable than one ounce of gold. Although this may seem like a silly comparison to financial experts, it goes to show there is a legitimate demand for bitcoin, whereas interest in gold continues to wane as time progresses. It is not impossible the gold price will show some bullish signs along the way as well, although all eyes are on bitcoin for the time being.
It appears the bitcoin price continues its bullish path which started during the second half of 2016. Although there have been a few stumbles along the way, bitcoin continues to set higher prices every month. It is evident other traditional assets have a problem keeping up with the bitcoin trend right now. Gold has been stumbling a bit as well, even though it will always have a specific appeal to investors worldwide.
The bigger question is whether or not the SEC will approveve the first of three bitcoin exchange-traded funds in a few weeks from now. Whereas speculators believed the decision had little chance of a positive outcome a few days ago, it looks like the odds are 50/50 as we speak. Even without approval, bitcoin will continue its bullish trend, albeit it will take longer to see significant price gains. With the SEC approving this ETF, things could become very volatile in a positive manner.
Bitcoin is more attractive than gold to investors even before the SEC cast its vote on the ETF. It is evident the era of digital assets is upon us, and bitcoin will play a prominent role in the process. All eyes are on the cryptocurrency world right now, even though no one knows for sure where the price chart will be heading next. These are exciting times for the bitcoin community, that much is certain.
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