Did Gold Cause Bitcoin to Rise or What?

Did Gold Cause Bitcoin to Rise or What?

By natalia-irish | natalia | 10 Feb 2021

Bitcoin (BTC) rose to record highs and continues to move to new highs.

According to the latest information from the Binance stage, the cost of Bitcoin has increased by 20% in the past 24 hours, topping $ 47,000.

Which means that Bitcoin has set another precedent, surpassing what was recorded during the last period at 41 thousand dollars.

In contrast to the massive market capitalization of some of the prominent stocks, Bitcoin ranked seventh, outpacing Facebook and Tesla.


The influence of Elon Musk, CEO of Tesla, on Bitcoin

Tesla Corporation turned into the world's largest auto organization by appreciation a year ago.

The Tesla CEO updated his Twitter profile with the hashtag "#Bitcoin", signifying a strong interest in Bitcoin, and showing that he is exemplary about Bitcoin's future.

Late Monday night in the US, Tesla announced in its annual report to the Securities and Exchange Commission that it had placed $ 1.5 billion in bitcoin as a feature of the institution's new speculative strategy.

The current meeting in Bitcoin, which has reached a brand new high, comes after Tesla's $ 1.5 billion project.

Tesla's speculative optimization strategy adds even more power to the Bitcoin deal as institutional financial backers turn to the cryptocurrency ruler.

Plate tectonics are changing the adventure landscape around the world.

Ethereum and altcoins are green, while Tether is advancing towards a market value of $ 30 billion.


Institutional expansion in turnout

On October 20, 2020, Paypal, an important online payment organization, announced that it will send further assistance allowing customers to buy, possess and sell forms of cryptocurrency directly from PayPal accounts.

After that, huge organizations, for example, Square Inc. On its Bitcoin acquisition.

More organizations are set to enter the cryptocurrency market at a later time.

Computerized resource The Greyscale CEO Organization purchased 70,000 Bitcoins in December 2020.

The computerized money pattern is becoming more and more evident

An increasing number of public national banks are exploring various paths regarding computerized forms of cash for CBDC and speeding up the cycle of advanced monetary standards, which is also one of the reasons for Bitcoin's rise.

In addition, the US central bank is in the early stages to consider computerized forms of cash.

The House of Representatives backed the spending option last Friday, adding to the risk appetite for surveillance and inflated assumptions that adequately support the cost of gold and bitcoin and actually continue to support them against the standard expansion story.

In the Fed's dynamic fiscal easing strategy, expansion has continued to rise and the dollar has continued to decline.


The Rise in Gold

Spot gold costs continue to rise, and are still in a bullish channel for now, and continue to push to new highs at $ 1,830 an ounce.

As the Spring Festival event approaches, interest in gold has increased in the Chinese market, and interest in actual gold has expanded in China over the past week.

With gold's value activated, digital currencies like Bitcoin that have similar risks supporting the gold's qualities also have a partial bullish correlation.

Due to the predetermined number of Bitcoins, the entire inventory is closed at 21 million Bitcoins, which means that it is becoming scarcer and could support against the declining dollar's decline.

Currently, Bitcoin can really be used as a monetary reference in certain countries for purchasing products, cash exchanges, and various exercises.

As of now, the expansion rate of the dollar remains high.

In the current situation, Bitcoin is being relied upon to convert into significant and global money that can protect against the risk of misuse of the US dollar.

In this way, Bitcoin became a supportive, dear tool, causing the cost of Bitcoin to skyrocket to an all-time high.



Images Credit

BY @Natalia-Irish


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