I'm waiting for the part about the 'German Analyst' and the 'Eating Gold' thing that was promised in the title....
Only what people are assuming is that people are moving away from gold and going for bitcoin, this may not be accurate though but there can be some truth about it. Although the marketcap of gold is over 10 trillion, but if digital currencies do not exist, very possible some of the marketcap of bitcoin and many cryptocurrencies will be on gold, also there are people that supposed to invest in gold but because of cryptocurrencies, they did not but invest in cryptocurrencies. But if this is true, the effect of cryptocurrencies on gold will still be very minimal while gold still surpass all cryptocurrencies generally. Also before this can be said about, there should be analyses that will prove the shrinking of gold because of bitcoin, but there will be no valid analysis as of now because what bitcoin would have taken from gold will be very minimal if compared to marketcap of gold, it can not be more than 5%. 
Topic: Bitcoin Breaks $51K, German Analyst Says ‘Looks As if Bitcoin Is Eating Gold’ - page 2. (Read 253 times)
February 17, 2021, 03:30:38 PM
February 17, 2021, 03:23:38 PM
I'm waiting for the part about the 'German Analyst' and the 'Eating Gold' thing that was promised in the title....
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February 17, 2021, 03:22:01 PM
Fantastic graph,
People used to say that Bitcoin is very volatile, they were afraid to invest in Bitcoin, they thought that if the price of Bitcoin goes up it can go up to $20K! It was very hard for them to think that bitcoin's price can go over $20K. They didn't want to accept Bitcoin as a safe haven.
Today we have come close to the price of gold by proving everyone's idea wrong. Now if we compare with BTC and Gold then Bitcoin is more transparent and safe than Gold, Bitcoin's rarity is greater than Gold's, the legality of Bitcoin is much more than Gold cause you can't corrupt it, steal it easily. Bitcoin's liquidity is much higher and easier than Gold's.
February 17, 2021, 03:01:32 PM
Dutch crypto analyst/trader Michaël van de Poppe said earlier today that now that Bitcoin has gone above $50K and is being hyped by mainstream media, traders and investors are happy to buy as much BTC as they can whereas they were no interested last March, when they could have BTC for as little as $5000 (or even less).
Investors are now looking to Bitcoin because it is the only safe
store of wealth. This is because of the financial stimuli which
central banks have introduced because of the pandemic.
FIAT is devaluing, FIAT assets are falsely inflated because of
the endless printing of FIAT, its not sustainable
Investors see this so they have to move to Bitcoin, once the initial
few get in others will have to follow or be left holding their worthless FIAT.
They were not interested in March because it was just before
the first wave of Fiscal stimulus [money printing]
March 23rd 2020
The Fed’s Message: The Money-Printing Presses Are Fired Up and Ready to Go
February 17, 2021, 02:28:57 PM
With the value of one kilo of gold at 57.6k dollars with not so high a liquidity, and the new ATH of btc at above 51k dollars and rising rapidly, the quote from the german analyst -"looks as if btc is eating gold", makes a lot of sense. In no time at all, we will be witnessing a complete overun in the value of gold by the valie of btc.
February 17, 2021, 02:09:20 PM
Dutch crypto analyst/trader Michaël van de Poppe said earlier today that now that Bitcoin has gone above $50K and is being hyped by mainstream media, traders and investors are happy to buy as much BTC as they can whereas they were no interested last March, when they could have BTC for as little as $5000 (or even less).
February 17, 2021, 01:12:47 PM
Around one hour before the Bitcoin price broke through the $51,000 level, Ki Young Ju, the CEO of South Korean blockchain analytics startup CryptoQuant, pointed that the “Coinbase Premium Index” had gone positive again, which is a bullish indicator. According to CryptoQuant, the higher the gap between the Coinbase price for Bitcoin (BTC-USD) and the Binance price for Bitcoin (BTC-USDT), the higher the premium, and thereby the stronger the spot buying pressure from Coinbase (which is the exchange most popular with investors in the U.S.).
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