Gold Aims For Decade Highs, Safe Haven Surge May Also Boost Bitcoin

Tony "The Bull" Severino

1 year ago

2 mins read

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Gold this week reached a price not traded at since nine full years ago, fueled by a mad dash to safe-haven assets. Could the same surge in safe-haven interest that gold is experiencing soon translate into a boost in Bitcoin?

Gold Targets All-Time Highs After Reaching New Nine-Year-Record

This week, as economic uncertainty continues to create chaos in markets, gold set a nine-year high.

The XAUUSD pair traded at just under $1780 at its local high, but the precious metal ultimately is targeting $1800 and higher.

Demand for the hard, safe-haven asset has been growing over the last two years, starting with trade tensions between the US and China.

The recession and pandemic combined, has only added to the gold rush taking place across the globe.

Investors cash out riskier assets like stocks in favor of a stable asset with centuries of trust behind it.

Gold has been looked toward for ages for this very reason, as well as the asset acting as a hedge during inflation.

When gold first decoupled from the dollar, it traded at $35 an ounce. Today, analysts are calling for anywhere between $2,000 and $3,000 an ounce.

But first, the safe-haven asset must break through resistance at around $1,800 to revisit previous record highs.

Rush to Safe Haven Assets May Benefit “Fastest Horse” Bitcoin in Long Run

The surge in interest in safe-haven assets like gold that acts as a hedge against inflation could be bringing more interest to Bitcoin.

And as things get even bleaker, with cases of the virus once again climbing and political tensions boiling over, Bitcoin may see an even bigger boost.

Although the cryptocurrency only exists digitally, due to its design, it is considered a hard asset like gold.

The precious metal has a finite supply, buried deep within the earn or held in vaults. Bitcoin is coded so that only 21 million BTC will ever exist.

The exact figure known of BTC versus the untapped supply of gold may give the cryptocurrency even greater benefit.

Of those 21 million BTC that will ever exist, only a certain amount are in circulation. Many are lost forever on the blockchain, while the rest remained locked away in the protocol.

Miners unlock new BTC with each block added to the blockchain, and when this process finishing pumping out coins, that’s it.

This won’t happen until an estimated 2140, however, the scarce supply gives the asset added value even today.

Beyond acting as a safe haven like gold or a hedge against inflation, Bitcoin has many other benefits.

Its contactless usage, and ability to be stored beyond the physical world gives Bitcoin value over gold. Gold is even being adapted to be more like the cryptocurrency, so its value can thrive in the digital age.

Although both gold and Bitcoin are expected to rise by the same analysts, the cryptocurrency is said to be the fastest horse in the race.

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.

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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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