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Bitcoin vs. Gold: Comparing Prices This Year (And This Decade)
The sarcastic Peter Schiff parody account on Twitter, @relevantpeter, tweeted a joke that theBitcoinprice has outperformed that of Gold for some time.
While the tweet is clearly a joke, lets actually compare the price of Bitcoin and gold over a longer timeframe than 19 minutes, of course.
BREAKING NEWS: BITCOIN HAS OUTPERFORMED GOLD TREMENDOUSLY OVER THE PAST 19 MINUTES. DOES THIS SPELL THE END FOR THE YELLOW PRECIOUS METAL? STAY TUNED FOLKS, THIS COULD BE BIG.
Relevant Peter Schiff (@RelevantPeter)September 26, 2019
Bitcoin opened 2019 at $3797.94. Eventually, it reached a high of $13,831 on June 26 before decreasing to the current price of $8000.
Gold opened 2019 at $1282.84. It reached a high of $1557 on September 2, very close to the current price of $1497.
Comparing the rates of increase side by side, we can see that once the BTC price began to accelerate around April, it outperformed gold for the rest of the time year.
BTC reached a high of 260 percent before decreasing to the current price. At the time, it has increased by about 109 percent since the beginning of 2019.
On the other hand, gold has been on an uptrend but has not experienced significant fluctuation. It has hovered between increases of 10-20 percent throughout the year.
Comparing the price since 2010, when there is tracking data for Bitcoin, we can see that the increase for BTC has been absolutely massive. The Bitcoin price had a price of $0.06 in July 2010 and has steadily increased, since.
On the other hand, the uptrend has been much more gradual for gold.
Gold had a price of $1210 in July 2010, before increasing to $1920 in September of next year. It decreased until 2016, reaching a similar low of $1200. It has been increasing since.
Comparing the rate of increase, Bitcoin has increased by a massive 9390661 percent while gold has only increased by 25 percent.
The price of Bitcoin has outperformed gold throughout 2019 and since its inception. While it is indeed more volatile, until now, the rate of increase has been much higher.
As BeInCrypto has previously reported,Bitcoin experienced a significant price drop a few days ago, right after Bakkt launched its futures trading platform.
Do you think Bitcoin will continue to outperform gold? Let us know in the comments below.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
Images are courtesy of Shutterstock, TradingView, Twitter.
Images courtesy of Shutterstock, Trading View and Twitter.
Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.
As a leading organization in blockchain and fintech news, BeInCrypto always makes every effort to adhere to a strict set of editorial policies and practice the highest level of journalistic standards. That being said, we always encourage and urge readers to conduct their own research in relation to any claims made in this article. This article is intended as news or presented for informational purposes only. The topic of the article and information provided could potentially impact the value of a digital asset or cryptocurrency but is never intended to do so. Likewise, the content of the article and information provided within is not intended to, and does not, present sufficient information for the purposes of making a financial decision or investment. This article is explicitly not intended to be financial advice, is not financial advice, and should not be construed as financial advice. The content and information provided in this article were not prepared by a certified financial professional. All readers should always conduct their own due diligence with a certified financial professional before making any investment decisions. The author of this article may, at the time of its writing, hold any amount of Bitcoin, cryptocurrency, other digital currency, or financial instruments including but not limited to any that appear in the contents of this article.
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