Bitcoin (BTC) on the rise, while gold continues to sell
Bitcoin (BTC) is steadily renewing its all-time high. The leading cryptocurrency also managed to surpass the $ 23,000 level in the morning today. BTC was trading at $ 22,766 at the time of writing.
While bitcoin’s price move has sparked excitement in the cryptocurrency community, it has also prompted people who are far from cryptocurrencies to become interested in BTC. Bitcoin continues to gather interest and gain strength, while sales are reported to continue below the value store in which it is constantly compared.
Kevin Rooke, one of the leading figures in the cryptocurrency community, shared interesting data on Twitter. Rooke said key gold investors were continuing to mine the gold in their hands. Rooke, the following expressions used:
“Bitcoin hits all-time highs, while gold continues to sell investors. 4 in the world’s largest gold ETF. it sold 8.3% of gold in the quarter (100+ tonnes) and saw no inflows in 17 trading days. November 19, almost a month ago, was the last day that the GLD NAV actually rose.”
By the way, NAV (Net asset value) means net asset value. Net asset value (NAV) represents the market value per share of a fund. It is the price at which investors take their share of the fund from a fund company (purchase price) and sell it to a fund company (redemption price).
Peter Schiff, a gold investor known as Bitcoin’s nemesis, said gold would continue its bull run in 2021. An article on the Schiff Gold website said: “Coronavirus vaccines began to be distributed this week, raising optimism that the economy will recover soon. But as Peter Schiff said in a podcast last month, there is no vaccine for what is troubling the economy. Even if the vaccine is effective and governments loosen the tough policies they have implemented in response to the outbreak, governments and central banks will have to continue their stimulus programs and loose monetary policies. That’s good for gold.”