A snapshot shared by Mike McGlone, a Senior Commodity Strategist at Bloomberg Intelligence, on Mar 8 points to convincing statistics showing an accelerated influx to Bitcoin in recent month.
The Bitcoin to gold ratio is now over one while the total known ETF holding of gold continues to flat-line and droop in recent days. Coinciding with this is the increasing volatility of Bitcoin to gold over the last three months.
As per statistics, the volatility of the two store-of-value assets has been expanding since Q4 2020, much to the crypto community’s excitement.
Bitcoin is one of the top-performing assets. The coin has added an astounding 75 percent in the past two months, printing a new all-time high. After breaching $20k, the Bitcoin price has since more than doubled to spot rates and looks likely to register a new all-time high.
Analysts, including the former Communications Director at the White House—Anthony Scaramucci, projects the BTC/USD price to reach $100k in the coming few months.