- Despite falling to a three-month low, Bitcoin has outperformed gold by 430% since its March 2020 bottom, making it a more reliable store of value.
- According to on-chain analytics company Glassnode, the spot price of bitcoin is currently 13.3 ounces of gold, up 46% year to date.
- Bitcoin is more of a roller-coaster ride than gold, but both are ideal safe havens compared to the declining value of the US dollar.
The cost of bitcoin has reached its lowest point since the middle of March. The asset has maintained its ability to serve as a store of value, surpassing gold this year by a wide margin.
Bitcoin and gold prices have been compared by on-chain analytics company Glassnode. Additionally, the spot price of Bitcoin has increased by 46% year-to-date and is now equal to 13.3 ounces of gold.
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Bitcoin Versus Gold: The Battle Continues
Furthermore, since the COVID-19 low in March 2020, Bitcoin has outperformed gold by an incredible margin of about 430%.
The data indicates that, despite its present price volatility, Bitcoin is still regarded as a store of value.
The price of Bitcoin has climbed by 51.6% since January 1, 2023. That gain would represent a doubling in value if the top price for the year were to be considered in mid-April.
In contrast, gold prices have increased by just 6.2% since the year’s start. Gold’s current price is $1,940/oz, down 5% from its all-time high of $2,040/oz in mid-April.
Even worse off is the more volatile Bitcoin, which has lost 63.7% of its value since hitting an all-time high of $69,000 in November 2021.
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The conclusion is that they are both wonderful safe havens or stores of value, with BTC being more of a roller coaster than gold, which is sedate and steady.
In contrast, the recent years have seen a dramatic decline in the value of the US dollar as a result of rising inflation. Data from the Inflation Tool show that overall inflation from 1956 to 2022 is a staggering 976%. As a result, $100 then is comparable to almost $1,000 now.
American inflation is at 4%, down from almost 9% at this time last year as a result of Federal Reserve interest rate increases.
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