Those who say that Bitcoin is the digital version of gold, that is, digital gold, are right for now.
These names often say that people can use Bitcoin as a safe haven and that Bitcoin can be used like gold. Considering that the price of Bitcoin fell $ 3000 a day more than a month and a half ago, we can say that Bitcoin is not yet ‘literally’ digital gold.
But Bitcoin’s recent performance is more promising for digital sixths. Even current data justifies their digital sixth.
Reminds of Gold
Mike McGlone, a Bloomberg Intelligence analyst, recently shared a chart. McGlone draws attention to the stability of the Bitcoin price in this graphic.
According to this graphic he shared, the volatility of Bitcoin has dropped to the lowest level in history against S & P500. This confirms what the digital sixths are saying. Because nowadays people can escape from fluctuations in the stock market and take refuge in Bitcoin port.
Meanwhile, the fluctuations in the Bitcoin price have recently begun to remind the gold market. Bitcoin and gold markets are still largely separate from each other, but the gap between these two has started to close in recent months.