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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Gold and Bitcoin Have Been Rising and Falling In Tandem: Here’s Why

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
gold bitcoin crypto

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Gold has been used for centuries as a safe haven asset, a currency, and a means of exchange or trade. Bitcoin is just over ten years old but is a new age, digital version of gold offering many of the same attributes, and even some additional benefits above and beyond the precious metal.

The two assets have been rising and falling in tandem over the last year, but why exactly, and what exactly does this mean for the first-ever cryptocurrency and its future as a replacement for gold?

Bitcoin and Gold: The Safe Haven Narrative Continues

Ever since 2019 first began, the leading cryptocurrency by market cap, Bitcoin, and gold, have been rising and falling in tandem with one another.

Gold is among the most trusted assets across any market, known for its use in trade since man first began to do so, and has proven itself for years as a safe haven asset that investors can use as a flight to safety during economic turmoil.

Related Reading | Stock Market, Bitcoin, and Gold: Everything Is Collapsing Together 

Gold is considered a safe haven, due to the asset’s scarcity keeping prices relatively stable. The asset’s largest growth in price has always come during times of recession, with gold’s largest drawdown ever following the economic rebound that occurred post-recession.

During the last recession, however, Bitcoin was created as a means to disrupt the current broken monetary system built on ever-inflating fiat currencies and rebuild in a post-recession world.

Bitcoin was designed to share many of the same attributes that have given gold its value and longevity throughout the years. This includes a hard-coded digital scarcity, unlike any other asset.

While the gold supply is indeed scarce, there’s no telling how much gold is currently still left beneath the earth, or even in outer space.

There can only ever be 21 million BTC, however.

gold bitcoin crypto

But Why Are These Two Assets Correlated?

Because the two assets are scarce, as investors see economic distress in the pipeline, more and more investors are moving their capital into these two assets: gold and Bitcoin.

The rise can be seen in early 2019, just as fears over a looming recession began to mount.

Bitcoin and gold both peaked in mid-2019, falling to a local low in late 2019, then going on a tear once again.

Gold has been leading Bitcoin slightly, suggesting that Bitcoin could rocket higher from here.

Related Reading | Has the Coronavirus Put an End To the Bitcoin Safe Haven Narrative?

If the precious metal happens to collapse, it could signal a fall in Bitcoin as well. But much of this depends on the overall health of the global economy.

With the stock market tanking, the coronavirus spreading, and fiat currencies on the brink of destruction, Bitcoin and gold will likely continue to stay correlated and rise as the capital flows out from traditional markets into the two safe havens.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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