Bitcoin moves like Gold?

[LogitechMouse]

According to the recent price chart, Bitcoin's move has been very similar to Gold's move.

The price of both of the investments moved likely the same just because of the events that happened since the start of the year. I remember when the US-Iran war happened, the price of these 2 moved up while the other investments went down.

Recently, after Trump delivered speech, the price of Bitcoin and Gold both went down.

And there were other cases that Bitcoin's move follows after Gold's move.

Again, it is just a coincidence that these 2 went the same way after the Trump's speech. Remember that when the fight between the 2 happened, the price of both of them increased. Now that it has ended, Bitcoin and Gold must do the same way to - to make a price correction.

But is this still enough to say that Bitcoin moves like Gold?

There are no 2 investments that moves like the same since the price is based on the technicals and fundamentals. These 2 just reacted the same with the news and that's it.

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[shoreno]

yes they are because both are solid investments   .

it was like people that invest on gold , also invest in bitcoin and people that invest on bitcoin also invest on gold  . thats why both assets moves in a verry simillar ways   . but about the trump speech , way people push that it was  the reason for the movements of the price  ?  for me , i dont believe that a single speech can up or dump the price  

[Assface16678]

yes they are because both are solid investments   .

it was like people that invest on gold , also invest in bitcoin and people that invest on bitcoin also invest on gold  . thats why both assets moves in a verry simillar ways   . but about the trump speech , way people push that it was  the reason for the movements of the price  ?  for me , i dont believe that a single speech can up or dump the price  

Bitcoin and gold today are one of the most profitable earnings today, and it is better if we make some investment while the price of bitcoin and gold are still not too high and get a lot of profit. One of the controversial topic today is the price of the bitcoin and gold because today the cost of the bitcoin is exceeding the market price of the gold and this is a good sign that many people will realize that the bitcoin is more profitable than gold, but we all know that the price of the bitcoin is volatile and we cannot make sure that the price of the coin always goes up rapidly, but we think again that the cost of the gold is fixed and sometimes it goes up more because of the rarity of the gold. Still, it depends on your investment, which one you will choose because those are both expensive and also risky because we need to make a good market sell.

[darewaller]

I have been following the Bitcoin prices for the last three years and I have investments in both cryptocurrency and bullion. And till now, I have not noticed any link between the exchange rates of Bitcoin and gold. And I don't think that any correlation exists, since these two are entirely different assets having very few similarities between them.

Prices for both the commodities too are different and do not run in the same track. Gold is a metal which is available in limited quantity onto the globe which would keep deriving the price for gold on an ascending level due to the rising demand for them. Bitcoins, on the other hand too are limited onto the internet with total 21M supply which also keeps them in demand and continues rising the price.

Perhaps this is the only similarity between gold and bitcoins which might have made OP to create this topic. Other than these properties, bitcoins and gold have no other relation and even their prices might run in opposite or even same direction depending on the market conditions.

[bearexin]

According to the recent price chart, Bitcoin's move has been very similar to Gold's move.

Recently, after Trump delivered speech, the price of Bitcoin and Gold both went down.

And there were other cases that Bitcoin's move follows after Gold's move.


But is this still enough to say that Bitcoin moves like Gold?

Bitcoin and Gold both are two different commodities which do not posses any single similarity. Both the markets have been giving profits to the investors but bitcoin markets being most volatile might always give investors higher gains than investing into gold markets.

Gold is a actual commodity which is been utilized in creating ornaments which controls the demand for gold and rises the price for the same. Which in case of bitcoins, they only have demand because more and more people keep on joining bitcoins and start having benefits from them. Bitcoins are not backed by any physical commodity which makes it completely opposite from gold. Prices for both might run in a similar way because of the market news but they have least connection.

[South Park]

Bitcoin is bitcoin, it is not affected or follows any commodity or other currency in the world. Bitcoin has a very unique niche in its own way. it's just that many people who analogize it with gold, as something that is most valuable and potential to be invested, with a record of higher risk. In general, it is almost the same, it must be mined, the amount is limited, and because of its scarcity that prices tend to rise, but differ in physical form and volatility, as you explained, and bitcoin also tends to be riskier.

You are correct when you say that bitcoin does not follow any commodity or currency but you are incorrect when you say it is not affected by them, bitcoin is not isolated from the rest of the economy, bitcoin is now part of it and that means the movements of the other assets are going to affect it, for example it is better for bitcoin that we have a weak dollar that way people will lose confidence in it and they will decide to take their chances with bitcoin, but if we have a strong dollar that is bad for bitcoin as people do not see the need to invest in it.

[LUCKMCFLY]

yes they are because both are solid investments   .

it was like people that invest on gold , also invest in bitcoin and people that invest on bitcoin also invest on gold  . thats why both assets moves in a verry simillar ways   . but about the trump speech , way people push that it was  the reason for the movements of the price  ?  for me , i dont believe that a single speech can up or dump the price  

What can cause falls is simply a fundamental one, in cases like the past with the problem between Iran and the US the price of Bitcoin and Gold caused a positive effect, since both gold and Bitcoin had the similar movement, which was when they began to say Some analysts that gold and bitcoin had a high positive correlation.

[bryant.coleman]

LOL.. Bitcoin is only 11 years old, while gold has been used by as a valuable object by the humans for more than 5,000 years now. In order to behave similar to gold, Bitcoin needs to have the same characteristics as gold, which looks impossible at this point. Bitcoin is different from gold in 99% of the aspects. The only similarities include scarce supply and lack of control by the central banks or government. But you really can't compare a digital asset which doesn't exist in physical form with gold or any other precious metal.

[TheUltraElite]

... and lack of control by the central banks or government.

Gold ETFs and all are controlled by governments to some extent. There are limitations on how much you can buy from exchanges for ETFs, I guess physical gold does not have such limitations and you meant that.

But you really can't compare a digital asset which doesn't exist in physical form with gold or any other precious metal.

Bitcoin can exist in physical form for the sake of having one. Did you know we have a "Collectibles" section in this forum where people trade minted coins which are loaded with bitcoin of certain denominations? They have a private key along with the piece so you can redeem it when you like but it is asset worth keeping for yourself and using as a mode of transaction.

However this does not differ with your argument that gold and bitcoin are not comparable - which I completely agree with.

[20kevin20]

~

Bitcoin can exist in physical form for the sake of having one. Did you know we have a "Collectibles" section in this forum where people trade minted coins which are loaded with bitcoin of certain denominations? They have a private key along with the piece so you can redeem it when you like but it is asset worth keeping for yourself and using as a mode of transaction.

However this does not differ with your argument that gold and bitcoin are not comparable - which I completely agree with.

Minted coins with BTC private keys on them do not make Bitcoin exist in a physical form. If we take it that way, then you can also consider the seed written on a paper to be a physical form of it.

The thing is, Gold can be owned as a material if you don't like buying stocks. Bitcoin cannot exist as a material - even if you have a private key minted in a coin, you'd still have to enter that in a digital wallet in order to use it unless you do barter (which can also be done by swapping private keys with anything).

BTC doesn't have any property physically either - it only exists in the digital area while Gold can be melted, minted and used in many domains and has amazing properties. That's the main difference.

[Janation]

The value of bitcoin moves depends on the markets supply and demand. Like gold, its price also moves that way that is why they are more likely have the same movement. But for me, gold is much more stable than bitcoin plus the fact that it is physically present, unlike bitcoin which is digital. Also, we should not forget the factor that gold has a tax while btc doesn't have any.

What he have said is correct. There are a lot of chances they may have the same movement, but then if you look at it, Bitcoin is volatile, not as same as gold which is more stable. They both have their pros and cons, and still, bitcoin and other cryptocurrencies are on their way to be known and be used by many people.

I just hope they are taking this path.

Bitcoin's volatility really is the reason why it will never be the same as Gold. With the fast-changing prices in the cryptocurrency market, Gold will stay at that slow pace and it favors a lot of its investors. As Bitcoin is so risky, Gold is said to be safe by a lot of investors they are even suggesting it to people who wants to invest.

[ballerin and giroud]

Like gold? I think is no. Bitcoin just need several times to be known by most people so as more and more people use bitcoin and buy bitcoin then the price will up. But I see the price of gold right now, although gold can be said as safe heaven but there is just a few people who interested to make it as their investment place. Moreover, with the popping up of new investment place the people will tend to choose the new place rather gold. Because in the side of profit I can say the new place will more profitable. And if we say about safe heaven, it mean the movement pricr of gold is really stagnant and it doesn't like with bitcoin who just need several time to up more then $1000.

[TheUltraElite]

Minted coins with BTC private keys on them do not make Bitcoin exist in a physical form. If we take it that way, then you can also consider the seed written on a paper to be a physical form of it.

What is your take on the metal used to prepare the physical coin. They are an additional value to the collectible if made from a percious metal like gold?

BTC doesn't have any property physically either - it only exists in the digital area while Gold can be melted, minted and used in many domains and has amazing properties. That's the main difference.

That is why the OP's claims are flawed. Gold can be used in other places at prices while fiat cannot be used to. Gold has higher acceptance than bitcoin which needs more work in that sector. While gold ETFs exist, bitcoin still needs a lot of work on being bought and sold as ETF.

Talking about ETF, that would be like a stock in case they dont want "digitally" to own that bitcoin. But it is still a long way to go now.

[Cryptoangel01]

According to the recent price chart, Bitcoin's move has been very similar to Gold's move.

Recently, after Trump delivered speech, the price of Bitcoin and Gold both went down.

And there were other cases that Bitcoin's move follows after Gold's move.


But is this still enough to say that Bitcoin moves like Gold?

No, Bitcoin moves in its own right and lane however if you check the chart pattern you will find that they don't look similar in movement even though Gold have been moving for sometime, its still deem a risky asset to accumulate right now however due to halving coming very soon, we should have even more bigger growths.

[20kevin20]

What is your take on the metal used to prepare the physical coin. They are an additional value to the collectible if made from a percious metal like gold?
~

Obviously yes, but my opinion is they don't go together. Although they're both commodities and a safe haven, they're two different things.

For purely collection purposes (i.e. Casascius) that's a good idea, but otherwise no. I'd buy a gold coin with BTC on it for my children or grandchildren, but I wouldn't for myself.

One of the fears I'm having about mixing Bitcoin with gold is that the confiscation of gold in my country would also mean seizing my Bitcoin. And as history shows us, that's entirely possible.

We have to separate the two. Gold is gold, Bitcoin is Bitcoin. There aren't really any similarities except their name (gold and digital gold). Moreover, the states aren't even very happy to know someone's minting gold/silver loaded with Bitcoin on them, so what's the point?

If these coins existed in a much larger quantity, say hello to a 2x risk of investment (the possibility of the precious metal being fake and/or the Bitcoin address showing up as filled with some balance but in reality there's no private key to it).

[fiulpro]

Sorry but I do not think that is nearly true .

The thing is bitcoins and gold both are very different currencies and their movements are in no way similar , bitcoins is volatile and increases and decreases their price  accordingly , if a president says something yes ofc not only Bitcoins or gold will change price but everything else will too , whatever is a reserve or store house of money for the people , it is not a basis to say that they move similarly .

These are poles apart and do need separate basis for analysis.

[alizarosa3123]

I believe this is just an event. Once the price of Bitcoin is combined with the value of gold, the value of gold is likely to be as high as it is now, but despite the encouragement of Bitcoin and gold it is not that the instrument on the basis, they really have different values. Therefore the degree of vacuum is completely different.

[pankaj1234]

I think so bitcoin will definitely go up and very high because when anything that has limited supply price of that thing will go beyond imagination. Gold is now at highest price now. In cryptocurrencies every body organisation looking to launch  his crypto and real world money is spreding in market that my harsh market in crypto arena. I am sure about bitcoin that with limited supply btc will definitely go high and make new highest point.

[romero121]

Bitcoin getting similar to that of gold isn't real. At certain circumstances it looks like gold and bitcoin market moves to be the same. To reach the level of gold isn't an easy thing, as most of the users mentioned the acceptance level of gold is far far than bitcoin. The market supply and its demand is won't fallback with gold, because each and every country's economy is tied to it. Maybe in future as a result of digital growth same scenario can happen with bitcoin.

[matchi2011]

I think so bitcoin will definitely go up and very high because when anything that has limited supply price of that thing will go beyond imagination. Gold is now at highest price now. In cryptocurrencies every body organisation looking to launch  his crypto and real world money is spreding in market that my harsh market in crypto arena. I am sure about bitcoin that with limited supply btc will definitely go high and make new highest point.

Once support coming from different sides of the world it will rise much higher, since there's limited supplies and if financial market appreciate and begins to use this system, there would be more demands that will be ask for this crypto currency. It's not far from reality that incoming years the value of crypto will be higher than what we are seeing right now, but success will still be depends from how investors will support this system.