Gold has been the investment medium for many due to its considerable stability. Rarely falling in price, the precious metal has been the symbol of wealth and luxury for thousands of years but Bitcoin is hot on its tail as the digital gold of the future. Bitcoin prices have swollen to a staggering $1259 at the time of writing, passion the current gold value of $1235.
“Bitcoin is a unique, uncorrelated asset class that is not strongly affected by the macroeconomic factors that drive most asset classes. There are extremely few assets that are this uncorrelated with other assets and that makes Bitcoin extremely desirable from a portfolio construction perspective.”
Bitcoin has been compared to the likes of gold on many occasions. Regarding its limited availability similar to the limited mass of gold on earth, and the value underpinned by investors similar to gold but backed by electricity (used to mine the coin itself). As society moves forward so does Bitcoins place
To conclude the current price high is thought to be relating to the imminent ETF decision which the majority of the community are awaiting. With good reason too as approval signifies the rebirth of Bitcoin, shedding its previous reputation for being the drug dealer’s choice of currency, to the investment asset of the future digital economy. The current speculative nature of the markets does mean that there is considerably less stability if things do end up going wrong as the movement may be reversed on reception of a pass on the deadline. Value doesn’t symbolize success rather the current growth seen in the markets, surpassing 450% within 2 months has been the welcome news to traders stuck for nearly a year in bearish markets.
You too can cash in on the current market of Bitcoin via the NairaEX exchange, providing Bitcoin at market premium rates and delivered within a matter of hours.