Bitcoin’s ability to outperform gold in 2020 has prompted some to assert that bitcoin is the new gold.
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The value of bitcoin has grown exponentially since it was introduced to the world in 2009.
Birthed out of the 2008 financial crisis, most of bitcoin’s growth has occurred in the last five years, when prices went from US$1,000 to US$57,000.
The cryptocurrency’s positive performance has been likened to that of gold, and that’s only the beginning of where the comparisons between the two begin.
Bitcoin’s ability to outperform the yellow metal following the widespread disruption that markets experienced in 2020 has prompted some to assert that bitcoin is the new gold.
The cryptocurrency’s capacity to store value and act as a hedge against inflation are some of the factors that helped push the market to a valuation of more than US$1 trillion in February.
Acceptance by the mainstream is another one of the catalysts behind bitcoin’s growth, as well as the new access points investors can use to gain a foothold in the market.
During the first three months of 2020, at least two bitcoin trusts entered the market, followed by the world’s first three bitcoin exchange-traded funds. These investment tools are opening up the market to institutional and retail investors alike.
To better understand the ways bitcoin compares to gold, and what benefits the world’s first cryptocurrency may offer investors, the Investing News Network spoke to experts about ways to access the bitcoin market, and where the sector may go next.
Click through the articles listed to learn more about the hot bitcoin market and investment tools available in the space.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.