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Gold Lustre Fades Out To Bitcoin Daze | Bitcoin The New GOLD

Latest Bitcoin news in India | Latest Bitcoin updates in India | Bitcoin and Gold | Bitcoin Digital Gold

Gold was once considered the penultimate hedge against uncertainty, the best friend of investors during times of severe economic and political turmoil. But few years and considerable technological advancements hence, Bitcoin has taken dethroned gold to become the numero uno asset. SPDR Gold Shares have gone down by 0.69% in the last twelve months whereas Bitcoin Investment Trust Shares have sprung up the ladder ten times during the same time frame.

Political Drives

Dubious government policies, rising global uncertainties and mistrust on national currencies have worked in unison to hike up the rate of Bitcoin and topple the yellow metal. Early 2016 marked the Cryptocurrency rally in Venezuela and India towards eliminating old currency notes. President Maduro and Prime Minister Modi rarely have any common standings except their common treatment in handling demonetization.

Ongoing tensions in Asia created a positive stimulus in boosting the Bitcoin price as investors would any day prefer holding on to digital equivalents when the first missile flies rather than any regional currency form. Japanese yen has accounted for approximately 46% of global trade volume.

North Korea fired a missile which zoomed through Japan’s aerial landscape. This brought along a series of associated events – treasury and gold prices went up, U.S dollar depreciating in comparison to Japanese yen. This missile paved the path for a diplomatic turmoil and share markets to crumble down. Stock indices around the world including Japan’s Nikkei, India’s BSE and NSE and South Korea’s KOSPI flashed negative figures.

Advantage parameter

Millennial generation is much in awe of this crypto form because of a bevy of inherent benefits. Although its transaction scope has not yet reached the full potential but Bitcoin is being increasingly considered as a much more convenient payment medium when compared to gold. Gold supply can also alter in sync with its demand but global Bitcoin supply is capped at 21 million approximately. That makes it all the more desirable.

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