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October 3, 2022
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The outflow of gold investors is pushing Bitcoin up

According to many experts, one possible reason for the recent rise in Bitcoin’s price is the massive outflow of investors from another popular hedge against inflation: gold.

End of the correlation between gold and Bitcoin

Over the past week, gold has fallen by around 4.62% to $ 1,857 an ounce. Previously, the asset grew in correlation with Bitcoin, which increased by more than 40% over the past week.

Charlie Morris, founder and CIO at ByteTree Asset Management, said on Twitter on Friday that the decline in gold’s value could be due to investors switching to Bitcoin:

Likewise, earlier this week, CNBC’s Mad Money host Jim Cramer stated that all gold ETF outflows are going to the cryptocurrency market. Tracking the inflows and outflows from the Grayscale Bitcoin Trust and Gold ETFs supports this claim:

Bitcoin is becoming a legal asset class

These moves could be a sign of Bitcoin’s rising status as a legal asset class. Gold and Bitcoin have long been linked as both are seen as a way to protect wealth from inflation and macroeconomic uncertainty. However, if price movements over the past week are some kind of indicator, then Bitcoin could win the race.

IN interview for Bloomberg, Coinshares head of income, Frank Spiteri, said Bitcoin’s perception as a hedge against inflation is gaining importance “in the face of a highly unconventional monetary policy environment.”

Current course You can always check Bitcoin and other cryptocurrencies in the tabs: exchange rate Bitcoin and the cryptocurrency rate on the website . A place where you can buy BTC and more coins, include cryptocurrency exchange BitBay.net. If you do not have an account on BitBay yet, from this article you will learn how to efficiently create one: LINK.

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