Experts Notice Uncanny Similarity in Gold and Bitcoin Rates
September 11, 2018
Since Bitcoin was launched 10 years ago many crypto enthusiasts have compared this decentralized digital asset with gold while some of them calling Satoshi’s creation a form of “digital gold”. Resemblance of the two assets is that both of them are store of value: dividable, solid and safe.
Though there can be far more tangible correlation between gold and its digital version.
Bizniz has published two charts on Thursday. The first one is a 43-year-long history of price changes for gold and BTC cost rate over 9 years of its existence. When matching both of them it is getting clear that there are uncanny (as Bizniz put it) similarities although both stores of value differ dramatically.
As the image shows, both markets saw fits of exponential price growth with successive cool-downs.
The next tweet by Bizniz had a magnified diagram of the two assets to prove strong correlation between them. As the post said, if BTC really follows the golden way, the price for the major cryptocurrency may plunge below crucial support level of $5,800 in the next months.