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With sharp bullish trends for BTC in recent days, Bitcoin’s relevance in the investment world keeps gaining investors’ attention.
Bitcoin (BTC) has shown impressive bullish runs in the past days capped with hitting the recent high of $11,300. This surprising Bitcoin move has prompted analysts including Max Keiser to project new highs for the coin. Max Keiser in a series of tweets pitched Bitcoin to hit an all-time high with six figures after first correcting at $28,000.
Somewhere, @PeterSchiff is puking his brains out right now. 🤮
$28,000 is in play before we see a pullback – and then we’re heading to 6-figures pic.twitter.com/7K4jtn7Grj
— Max Keiser 🍊💊🎤 (@maxkeiser) July 28, 2020
Keiser’s tweet as it can be seen also took a swipe at gold price optimist Peter Schiff. “Somewhere, @PeterSchiff is puking his brains out right now,” the tweet reads. Early Peter Schiff had given a bearish projection for the rising BTC price during a debate with Morgan Creek Digital co-founder Anthony Pompliano on his YouTube channel on Sunday. Schiff said;
“It’s put up or shut up for Bitcoin — it’s got to hold $10,000 now.”
And with the rise of BTC price which has currently capped at $10,792.52 as at press time, Schiff’s claims had to be remembered.
Face-off between Gold and Bitcoin
The entire market seems to be experiencing commensurate plunges on Wall Street following Monday’s bullish rally by tech stocks which has impacted gold futures and BTC alike. The importance of holding amidst uncertain economic terrain that can cause recession has become more visible since the coronavirus broke out. Gold futures settled at an impressive $1,931.50 after an intraday high of $1,941.90 per ounce. Gold’s 1.8% rise on Monday puts the precious metal up by 26% year to date and has the potential to beat its 12-year record high.
With the continuing bullish trends, investors may find it a hassle to choose which of the two assets to fall back on as a viable store of wealth. While gold has been trusted over the years as the preferred wedge, the volatility of BTC offers a two side possibility which when appropriately harnessed can turn out in the favor of investors.
In a bid to exert its influence, a lot of media buzz is around BTC. The recent development which gives U.S. banks the authorization to help investors keep custody of cryptocurrency assets might have been responsible for the recent price pump as it further gives credence to the potential of BTC to revolutionize the future of payments.