The precious metal appears to be rallying due to the declining U.S. dollar and this could also positively affect Bitcoin in the medium-term due to the correlation between the two assets.
A weak dollar is good for gold, and possibly Bitcoin.
According to Peter Schiff, the chairman of SchiffGold and a well-known gold advocate, the weakening dollar has pushed gold upwards.
As Cointelegraph reported, industry executives believe a weakening dollar could also strengthen the price trend of Bitcoin.
OKEx CEO Jay Hao, trader Scott Melker, and researcher Mark Wilcox said the drop of the dollar benefited Bitcoin.
Over time, Schiff emphasized that gold could continue to see an explosive rally as the dollar's decline rattles investors.
Similar factors are seemingly buoying investor sentiment around gold and Bitcoin.
The confluence of the recent correlation with Bitcoin and gold, and the falling dollar could benefit BTC heading into 2021.Is Bitcoin really digital gold?
"In terms of traits as money, gold matches Bitcoin in the categories of fungibility and costliness to forge."
As gold surges to new highs, Bitcoin is receiving more interest from institutions and continuously being associated with gold.
Bitcoin Hater Peter Schiff Says Dollar Approaching 'Wile E. Coyote Moment'
Published on Aug 4, 2020
by Cointele | Published on Coinage
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