2023-12-11 11:38:09
Despite gold hitting an all-time high last week, its year-to-date gain once morest the US dollar is just 9.9%. Bitcoin, on the other hand, boasts an annual growth of 154%.
Gold hit a record high of $2,117 per ounce on December 3, 2023. However, the price of the precious metal did not remain at this level for long. Its price has fallen by 5.33% over the next seven days, so it is currently worth $2,004 an ounce.
Despite reaching this all-time high, the year-on-year increase once morest the dollar is relatively modest at 9.9%.
On the other hand, BTC ( BTC PRICE ), the leading cryptocurrency in terms of market capitalization, has produced a significant increase of 154% since the beginning of the year.
Prominent gold supporter and economist Peter Schiff and many other gold enthusiasts expressed satisfaction with the precious metal’s recent rally to $2,117 an ounce. In parallel, Schiff he noted, that the rise of bitcoin is not particularly remarkable. However, objective analysis and factual data show that Schiff’s preferred gold investment has significantly underperformed bitcoin’s gains.
Gold vs bitcoin (1 year and 5 year horizon)
We have to add that although bitcoin actually overtakes the yellow precious metal in terms of annual growth, by a factor of fifteen, gold takes the lead in terms of the historical peak. From its highest value, which it reached in November 2021 ($69,044), BTC is currently approx. It is behind by 36%.
However, another point for the digital currency: examining the five-year profit, bitcoin significantly outperforms gold. Over the past five years, gold has risen just over 60% once morest the US dollar, while bitcoin has skyrocketed 1,145%. The data shows that during this period, bitcoin’s gains are roughly 19 times the golden one had.
Currently, gold has a total market capitalization of $13.5 trillion, compared to bitcoin’s $860 billion, which suggests that gold is once once more the winner in this comparison, with a market value of approximately 15.7 times that of bitcoin.
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