Gold price surges amidst ring volatility of Bitcoin

Bitcoin has always been seen as a replacement for Gold. And it is obvious when the value of a replacement increases, the value of the other thing will drop and vice versa. This is what exactly happened in the past few months. As the value of Bitcoin was increasing, its rates were dropping. And now, as the price of Bitcoin consolidated by 50%, Gold’s value has increased to Rs 48,500. And as the price of Gold surges, the question that comes to our mind is, Is it time to go back? Let’s see.

Gold>Bitcoin?

Image Source: DNA India

Gold is a great asset, I think. It has proven to be effective against inflation and has given steady returns to investors. But Bitcoin, on the other hand, is a much better-performing asset with its own benefits and quirks. We need to know that the volatility of Bitcoin is the reason that it is the best performing asset globally. On average, gold returns are about 10% per year, and on the other hand, for Bitcoin, it’s about 250%. The stark difference can be easily seen, and I believe the gap is going to widen from here on.

At present, the price of gold has risen, but it won’t take much time for Bitcoin to come back again. It is simple if you want something that is very stable and doesn’t give you anxiety with 50% dips, then invest in Gold, and if you have some willpower, BTC is the way to go.

Price predictions of Gold

At present, it is trading at nearly $1883 per ounce and Rs 48,540 per gram. The analysis says if the price is steady above $1880, then we could move towards $1890 ot even $1920. The nearest support for Gold is at $1878 and then at $1865. Overall with the rising inflation and reports that even more dollars will be printed, we can expect the price of gold to increase substantially by the end of the year. In the short term, the price is expected to hover in this current range, says ICICI securities.

What are your thoughts on the rise in the price of Gold? And do you think it is a better investment than Bitcoin? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.

Also Read: World’s largest hedge fund manager Ray Dalio says he has some Bitcoin.