Bitcoin’s dream run helped it to topple down gold price by three times this week. Initially bitcoin was expected to be a store of value which could function as an alternative to gold in days to come.
Also Read: Bitcoins, better than gold.
In comparison to only ten percent rise of the yellow metal, Bitcoin has tripled in its value in the current year. The pending trading of bitcoin futures and bitcoin options will surely pave the path for greater institutional sponsorship for the much in demand cryptocurrency. The expected launch date of both these derivatives is either within this year or early 2018.
Whatever be the current scenario, gold is here to stay as a store of value amongst global masses. The $7.5 trillion sized gold market easily dwarfs the yet nascent cryptocurrency reservoir. But after Tuesday’s brilliant performance helping it to attain a market capitalization of approximately $57 billion, a meagre flow of funds from gold to the cryptocurrency sector could send shockwaves in the pricing stratum of the Bitcoin in years to come. It also holds the tremendous potential of hiking up the price of Bitcoin by thousands of dollars.
This week has been exceptionally good for all other forms of digital currencies with Ethereum closing off at $280 and the week old Bitcoin Cash rebounding to $338.25 from the weekend lows of around $200.
KryptoMoney.com publishes latest news and updates about Bitcoin, Cryptocurrencies and Blockchain Technology.