Pro-Bitcoin US Lawmaker Cynthia Lummis Joins Senate Banking Committee, Plans to Convince Janet Yellen BTC Is Great Store of Value

Pro-bitcoin U.S. Senator Cynthia Lummis has been appointed to the Senate banking committee. She has been talking to Janet Yellen and has outlined her plans to help the new Treasury Secretary and other U.S. lawmakers understand that bitcoin is a great store of value. Lummis says that Yellen has an open mind on this topic […]
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Argentine Billionaire Marcos Galperin Says Bitcoin a ‘Better Store of Value Than Gold’ as Officials Plan to Print More Pesos

Argentine Billionaire Marcos Galperin Says Bitcoin a 'Better Store of Value Than Gold' as Officials Plan to Print More PesosArgentine billionaire and CEO of the e-commerce platform Mercado Libre, Marcos Galperin says bitcoin is a better store of value than gold. However, the billionaire thinks the crypto will not replace fiat currency due to what he terms the high “energy cost required to process its transfers.” Bitcoin Mining Energy Consumption Misconception Galperin, who has […]
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Bitcoin is now worth more than a 20 ounce gold bar

As Bitcoin price topped $40,000 it became more valuable than a 20oz block of gold.

Bitcoin’s meteoric price rise is showing no signs of slowing down and its latest all-time high has priced the asset higher than a 20 ounce gold bar.

Over the past six hours, Bitcoin prices topped $40,000 briefly according to Tradingview.com. The move has added a further 5% over the past 24 hours and the rally is showing no signs of cooling down yet.

Industry observers often call Bitcoin “digital gold” as it is a store of value asset, and this latest price peak pushed prices higher than those for the standard 20 ounce gold bar.

At the time of writing, gold was currently trading at $1912/oz according to Goldprice.org, so a 20 ounce bar would set you back $38,240. Bitcoin’s price, taken at the same time, was a little over $39,000.

Secretary and vice chairman of the DigiByte Foundation, Rudy Bouwman, while touting his own cryptocurrency said:

“Bitcoin will become like gold bars, only a store of value.”

This rally is slightly different to the one in 2017 as it is being primarily driven by institutions which, unlike retail traders, tend to hold the asset for long term investment rather than flip it for a short term profit. This notion enforces the store of value properties of Bitcoin making it more comparable to gold than ever before.

In terms of performance, Bitcoin has made a whopping 378% over the past 12 months whereas gold has only managed to gain 21.6% in the same period.

Additionally, Bitcoin is still making new all-time highs but gold prices have retreated 7.6% from theirs, which was $2,070/oz on August 6, 2020.

Gold bug and perpetual Bitcoin basher, Peter Schiff, finally admitted that Bitcoin was actually taking demand away from gold, as evidenced by those figures.

“To the extent that Bitcoin is actually taking any demand away from gold, that’s making Fed governors extremely happy. A rising gold price is what central bankers fear most. Bitcoin is their best friend, which may explain why regulators aren’t in a hurry to help pop the bubble.”

With the price of a single Bitcoin now higher than a bar of gold, the question remains; how much further can it climb?

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Volatile Bitcoin Not a True Store of Value Just Yet, Says Fidelity Digital Assets Head

Volatile Bitcoin Not a True Store of Value Just Yet, Says Fidelity Digital Assets HeadFidelity Digital Assets president Tom Jessop says that bitcoin is not a true store of value just yet because the digital asset is still too volatile, Reuters reported. However, investors are optimistic bitcoin will attain this status. “We use the word ‘potential store of value’ as bitcoin is still extremely volatile, and by any standard […]

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