While gold is hitting new highs, the oft-touted “digital gold” has failed to keep up.
Bitcoin proponents have long claimed that the cryptocurrency’s unique selling point is that it’s a long-term store of value, just like the precious metal. And the biggest and oldest virtual coin has in the past performed like gold.
But that isn’t happening right now. Gold today hit a new all-time high of $2,483 per ounce as geopolitical instability—particularly in the Middle East—and hopes the Federal Reserve will soon slash interest rates have created more demand for the shiny commodity.
Meanwhile, Bitcoin’s volatility is soaring and its price is 17% lower than the all-time high it hit in March of $73,747. Why?
Bitcoiners like Custodia Bank CEO and founder Caitlin Long have previously said that more investors flock to the biggest digital coin during times of uncertainty due to it being a scarce asset—since only 21 million Bitcoins…
