Peter Brandt, a legendary financial markets trader, asserts that Bitcoin is king over gold and will remain on the throne for a long time.
The market veteran and author made this known in a recent X post.
In the post, Brandt predicted that Bitcoin would reign supreme over the precious yellow metal gold in the long term. He asserted that the premier cryptocurrency would remain on the throne for a long time.
In terms of the top financial instruments, Brandt depicted Bitcoin as the ruler, demoting the precious yellow metal to the status of a baron, while silver is tagged the “court jester.”
In a longer-term frame, Bitcoin is King over Gold and should remain on the throne for a very long time. Think of BTC as the ruler, Gold is the baron and Silver as the court-jester $BTC $GC_F $SI_F pic.twitter.com/Uz9k3aoMg4
— Peter Brandt (@PeterLBrandt) April 2, 2024
Gold Value Slumps Heavily in 12 Years
Notably, the experienced financial markets trader backed his prediction with an interesting chart, illustrating gold’s consistent decline against Bitcoin since 2012.
The chart shows that gold’s value has slumped from an equivalent of 740 BTC to a paltry 0.0352 BTC over the last 12 years. This is majorly due to Bitcoin’s value recording an impressive uptrend within this timeframe, currently pegged at $65,000.
Although Brandt expects Bitcoin to reign supreme over gold in the long-term, the current landscape paints a different picture, as the latter has attracted more interest recently.
Investors Lean Towards Gold Over BTC
This was reflected in a recent analysis by Bloomberg ETF analyst Eric Balchunas yesterday. The prominent expert pointed out a shift in market sentiment as investors’ appetite for gold gains momentum compared to Bitcoin.
In a post yesterday, Balchunas stressed that gold is mounting a comeback and had recorded more trading volumes than BlackRock’s iShares Bitcoin Trust (IBIT), the asset manager’s spot Bitcoin ETF product.
He noted that the potential shift in market sentiment could be a result of gold’s recent relief rally in the wake of Bitcoin’s bloodbath.
Furthermore, the ETF expert speculated that BlackRock’s IBIT could soon witness its outflow day, ending its 54-day record streak of inflows.
As Brandt sees Bitcoin becoming the king over top financial instruments in the long-term, Balchunas speculates that exhaustion in Bitcoin ETFs, especially IBIT shares, could pave the way for a temporary diversion of funds to other instruments like gold.
Meanwhile, Bitcoin is still trying to recover from the correction that wreaked havoc on its price and the broader crypto market in less than a week.
The top crypto asset is currently changing hands at $65,781, up 1.1% in the past 24 hours. Conversely, an ounce of gold is down 0.35% in the past day to $2,272.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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