Messari report shows that Bitcoin could drop incredibly in short term before it experiences a historic rise to new highs as we read more about it in the coming altcoin news below.
According to the messari report, the current discussion over bitcoin’s utility versus gold adds weight on the behavior of the cryptocurrency. Dan McArdle, the co-founder of the analytics company stated that the cryptocurrency could copy how the gold reacts in the coming year. Also, he stated back a few days ago that the BTC/USD pair might repeat what gold did after the 2008 financial crisis:
“I would not be surprised if BTC performs like gold did 2008-2011.’’
McArdle referenced some of the fresh comments that were made on gold by Raoul Pal who is the serial asset manager who presented a buoyant outlook for both Bitcoin and gold during the Stephan Livra podcast. On the topic of gold’s current return to form in line with the number one cryptocurrency, he stated that the markets are now preparing for the dollar’s own winning streak. He tweeted:
“Gold is rightly doing its job, sniffing out a BIG problem and is exploding higher, outperforming even the super strong dollar as gold begins to price in an end game of an eventual MASSIVE readjustment of the dollar (in 12 months? 18 months?).’’
As it was reported in the latest cryptocurrency news, the Bitcoin price bull runs since April have started a strong debate once again about the potential long-term and gold-like safe-haven assets. There are now more and more figures that continue to shift into Bitcoin for investors that are looking for a hedge against the inflation that is currently happening. Some of the figures include Circle’s CEO Jeremey Allaire as well as some other consultancy executives this week. For example, Peter Schiff doubled down on his opinion that gold is now better than cryptocurrency. He even took it to Twitter and stated that many customers are not buying Bitcoin because it is a safe-haven asset:
“The Chinese aren’t buying Bitcoin as a safe haven. Speculators are buying, betting that the Chinese will buy it as a safe haven!”
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