BTC price regaining its strength. Is Bitcoin a better alternative than gold?

1 min reading

Current Bitcoin price is about 6 800 USD. Over the past 24 hours leading cryptocurrency gained 2,66%. Have investors started to choose cryptocurrencies over gold?

btc price regains its power

Bitcoin price chart situation

btc chart 1 month

After reaching this year’s minimum, Bitcoin seem to be back on track. Over the last few days, BTC price fluctuated close to 6 400 USD level. Two days ago, it fell below that. However, yesterday Bitcoin exchange rate clearly picked up. Leading cryptocurrency noted 7 000 USD price level. Unfortunately, not long after that, there was a decline. It was not that drastic, because current Bitcoin price is 6 800 USD.

7 days price chart btc

When it comes to Fear and Greed Index, it still remains on extremely high level. Although, situation is better than it was in last week.

fear and greed on cryptocurrency market

Analysts opinions and forecasts

According to Max Keiser, Coronavirus pandemic will cause many enthusiasts quit cryptocurrencies and start investing in gold. When there won’t be enough gold, people will choose Bitcoin as an alternative.

When people will finally realize, that they can’t get gold, they will start running towards Bitcoin.

- said Keiser, during his show.

Looking on Bitcoin current price, this may be actually happening right now. Slowly, but surely. It is worth mentioning, that gold has many cons in a comparison with Bitcoin. First of all, it is physically bulky, and it is difficult to pay with it anywhere. The same cannot be said about Bitcoin. It became more and more popular and comfortable. There are many possibilities to pay with it. Moreover, it can be bought anytime.

In turn, the market may run out of gold. Due to Coronavirus pandemic, most of mines remain closed. As a result of that, increasing the supply of gold has significantly hindered. 

We can face a serious crisis on both, gold and toilet paper markets.

- Stacey Herbert added jokingly (co-host of Keiser report program).

Max Keiser has assumed, that millionaires think the same of gold and silver, as unemployed think of toilet paper.