{"id":26243,"date":"2024-12-06T08:00:58","date_gmt":"2024-12-06T08:00:58","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=26243"},"modified":"2024-12-06T08:00:58","modified_gmt":"2024-12-06T08:00:58","slug":"bitcoin-on-track-to-replace-gold-in-10-years-trading-firm-predicts","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=26243","title":{"rendered":"Bitcoin On Track To Replace Gold In 10 Years, Trading Firm Predicts"},"content":{"rendered":"

Bitcoin (BTC) shattered<\/a> the $100,000 price milestone yesterday, reaching as high as $104,088 on Binance crypto exchange. This historic price action has prompted analysts at the trading firm Bernstein to assert that Bitcoin is well-positioned to replace gold within the next decade.<\/p>\n

Bitcoin Poised To Outshine Gold Over Next Decade, Bernstein Says<\/h2>\n

In a client note<\/a> released earlier today, Bernstein analysts, led by Gautam Chhugani, expressed confidence that Bitcoin will eventually assume gold\u2019s role as a reliable safe-haven asset. The note stated:<\/p>\n

We expect Bitcoin to emerge as the new-age premier \u2018store of value\u2019 asset eventually replacing Gold over the next decade, and becoming a permanent part of institutional multi-asset allocation and a standard for corporate treasury management.<\/p>\n

On a year-to-date (YTD) basis, Bitcoin is up an impressive 141%. However, the lion\u2019s share of these gains came following the victory of pro-crypto Republican candidate Donald Trump in the November US presidential election.<\/p>\n

The cryptocurrency market has seen a surge in optimism following Trump\u2019s victory, as the president-elect is expected to create a favorable regulatory environment for digital assets. Since November 4, the total crypto market cap has climbed from $2.4 trillion to $3.9 trillion at the time of writing \u2013 a staggering 62.5% increase.<\/p>\n

In the note, Bernstein predicts that BTC may rise to $200,000 by late 2025. The trading firm\u2019s forecast aligns with Charles Edwards\u2019 \u2013 founder of Capriole Investments \u2013 prediction<\/a> that BTC can potentially double in value within weeks, as its relatively smaller market cap enables more rapid price movements.<\/p>\n

BTC Adoption Major Driver Behind Its Success<\/h2>\n

Bernstein\u2019s bullish outlook was reinforced by Gil Luria, a D.A. Davidson analyst, who identified mainstream adoption as the key driver behind Bitcoin\u2019s success. However, he cautioned that Bitcoin still has a \u201clong path ahead\u201d before it is widely accepted as a medium of exchange and unit of account. Luria added:<\/p>\n

Bitcoin\u2019s main current application as a store of value \u2014 an appreciating, low-correlation asset that replaces gold as a hedge against a decline in economic stability.<\/p>\n

While Bitcoin is yet to achieve widespread use as a currency, it has gained significant traction as a reliable asset class for corporate balance sheets. Recently, Hut 8, a leading crypto-mining firm, announced<\/a> plans to establish a strategic Bitcoin reserve.<\/p>\n

In November, video-sharing platform Rumble<\/a> shared its plans to bolster their BTC holdings. At the same time, declining BTC reserves on crypto exchanges are likely adding<\/a> to the asset\u2019s supply scarcity, subsequently pushing its price upward. At press time, BTC trades at $103,172, up 7.9% in the past 24 hours.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) shattered the $100,000 price milestone yesterday, reaching as high as $104,088 on Binance crypto exchange. This historic price action has prompted analysts at the trading firm Bernstein to assert that Bitcoin is well-positioned to replace gold within the next decade. Bitcoin Poised To Outshine Gold Over Next Decade, Bernstein Says In a client […]<\/p>\n","protected":false},"author":0,"featured_media":26244,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-26243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/26243"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26243"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/26243\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/26244"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}