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In a historic price move, Bitcoin (BTC) quietly hit a new all-time high (ATH) against gold. This insight was highlighted by veteran trader Peter Brandt in an X post.
Bitcoin hits new ATH vs. gold: Is there room for further growth?
Brandt’s analysis revealed that the BTC to gold ratio has reached a new ATH of 32.19 ounces of gold per BTC. In his post, the experienced trader subtly criticized Peter Schiff, a longtime gold advocate and fierce critic of Bitcoin.
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For those unfamiliar, the BTC to gold ratio measures Bitcoin's performance relative to gold and indicates how many ounces of gold it takes to purchase one entire BTC. This indicator highlights Bitcoin's growing dominance as a store of value.
Brandt further pointed out that Bitcoin's next target is 89 ounces of gold per Bitcoin, suggesting there is significant room for Bitcoin to grow against the precious metal. This aligns with the broader narrative within the crypto industry that Bitcoin is poised to challenge gold's $15 trillion market cap.
Source: Peter Brandt on X
It's worth recalling that Mr. Brandt previously predicted that Bitcoin would appreciate 400% relative to gold by 2025. Back in October, Brandt predicted that BTC could reach a level equivalent to 123 ounces of gold based on historical market patterns.
A recent report from trading firm Bernstein adds weight to this narrative, predicting that Bitcoin is on track to replace gold as the preferred safe-haven asset within the next decade. Currently, BTC has a market capitalization of $2.11 trillion, steadily approaching gold's dominance.
A similar prediction was made by Eric Voorhees, one of the early Bitcoin proponents. The CEO of cryptocurrency exchange Shapeshift made a bold prediction, saying that unlike gold or oil, a digitally programmed shortage of BTC supply will drive prices higher.
Additionally, ETF Store President Nate Geraci predicts that within the next two years, Bitcoin-based exchange traded funds (ETFs) could surpass gold ETFs in total assets under management. Supporting this outlook, SoSoValue data shows that cumulative net inflows to all spot BTC ETFs are currently $35.6 billion, compared to $55 billion for gold ETFs.
Implications of potential BTC strategic reserves
With BTC passing the pivotal price level of $100,000, speculation has increased regarding President-elect Donald Trump's approach to digital assets. Industry experts believe that Trump could prioritize Bitcoin adoption early in his second term, pushing the price up even further.
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Data supports this optimism. According to cryptocurrency analyst Ali Martinez, the number of BTC whales (wallet addresses holding more than 1,000 BTC) has skyrocketed since Trump's election victory.
Source: Ali Martinez of X
This optimism is further fueled by speculation surrounding a potential US strategic Bitcoin reserve. Prominent financiers argue that if the United States creates such reserves, China and other countries are likely to follow suit in order to remain competitive. At the time of writing, BTC is trading at $106,909, up 3.7% in the past 24 hours.
BTC is trading at $106,909 on daily chart | Source: BTCUSDT on TradingView.com
Featured image from Unsplash, chart from X and TradingView.com
