Bitcoin (BTC) may be down over 30% from its record high of $69,000, but it has emerged as one of the best-performing financial assets in 2021. BTC has bested the U.S. benchmark index, the S&P 500, and the gold. Arcane Research noted in its new report that Bitcoin's year-to-date (YTD) performance came out to be nearly 73%. In comparison, the S&P 500 index surged 28%, and gold dropped by 7% in the same period, which marks the third year that Bitcoin has outperformed. At the core of Bitcoin's extremely bullish performance was higher inflation. The U.S. consumer price index (CPI) …

On Dec. 15, SEBA Bank, a licensed Swiss digital assets banking platform, launched a regulated digital token backed by physical gold and exchangeable for delivery. SEBA claimed that due to its regulatory-compliant nature and the low volatility of gold prices, the gold token could eventually be used as a stablecoin for on-chain transactions. In other words, the design of the gold token bears similarity to gold standards, where fiat currencies are backed by their exchangeability to physical gold in addition to faith entrusted in governments that issue them. In 1971, U.S. President Richard Nixon took the dollar off the gold …

$100,000 Bitcoin (BTC) and $2,000 gold could greet 2022 as global markets face “deflationary forces,” says Bloomberg Intelligence. In a tweet on Dec. 9, Mick McGlone, a senior commodity strategist at Bloomberg’s research arm, forecast that next year would be good for both gold and BTC. "Positive ramifications" for Bitcoin thanks to deflation As inflation makes headlines worldwide this month, Bitcoin has faced criticism over its alleged role as a hedge thanks to its 39% drawdown from all-time highs. As Cointelegraph reported, the latest U.S. Consumer Price Index (CPI) data is due Friday, with analysts presuming that inflation will have …

The cryptocurrency market saw a boost in sentiment after the price of Bitcoin (BTC) surged above $58,000 in a long-awaited move that rejuvenated traders who have been anxiously waiting for a resumption of the uptrend. Here’s a look at what analysts and traders are saying about Nov. 29’s price action and whether or not Bitcoin is likely to reclaim the $60,000 level. A $60,000 retest is “on the horizon” Bitcoin’s sudden move to $58,000 may have had caught some traders off guard, but according to independent market analyst and Cointelegraph contributor Michaël van de Poppe, the current price action is …

When Bitcoin (BTC) first launched in 2009, critics were quick to raise questions about the impact of the lack of backing on the asset. This negative view was maintained even with the abandonment of the U.S. gold standard in 1971. Although fiat currencies offer no inherent value, this thought process has been enough to deter risk-averse investors from avoiding investing in cryptos altogether and others to abstain from using it in their day-to-day transactions. While cryptocurrency is volatile, it still offers benefits from traditional fiat currencies. As a result, finding a more stable option for cryptocurrencies could prove advantageous for …

Following JPMorgan CEO Jamie Dimon’s recent comments that Bitcoin (BTC) is worthless, two well-known billionaires have leaped to its defense — although both of them say Ether (ETH) has some even more desirable properties. During an interview with CNBC’s Squawk Box on Wednesday, Barry Sternlicht, a co-founder of Starwood Capital Group, said that gold was actually “worthless” and that he is hodling Bitcoin because every government in the “western hemisphere” is printing endless amounts of money. Sternlicht is estimated to have a net worth of around $4.4 billion and is known for his investments in the real estate market via …

Bitcoin (BTC) has led a 35% rally this week by soaring far above the $50,000 resistance level and restoring a $1-trillion market capitalization to the asset. According to a note shared by JPMorgan with clients on Thursday, the recent increase in price for BTC was predominantly attributed to institutional investors looking for a hedge to inflation. “The re-emergence of inflation concerns among investors has renewed interest in the usage of Bitcoin as an inflation hedge,” the analysts said, arguing there has been a shift in perception as to the merits of BTC in relation to gold. “Institutional investors appear to …

Entrepreneur and Shark Tank star Kevin O’Leary, also known as Mr. Wonderful, has revealed he now holds more crypto than gold. During an interview hosted by Daniela Cambone from Stansberry Research, O’Leary stated that his investment portfolio has a larger exposure to crypto than gold, however, he still advocates for holding both as they are “two different asset classes” and that comparisons between gold and Bitcoin are irrelevant: “I have 5% in gold. Crypto for the first time is more than gold for me, and I’m going to keep my gold. I see no reason to sell it.” “The best …

One of the reasons behind Bitcoin’s (BTC) volatility, the substantial price oscillations that occur regularly, is the discrepancy of its use cases. Some pundits deem it “digital gold,” a truly scarce and perfect store of value. Others consider Bitcoin a technology project or a type of software with a corresponding network. El Salvador’s adoption as legal tender will likely evidence the means of exchange functionality that the Lightning Network provides. The Layer-two scaling solution allows instant and insanely cheap transfers, although it requires regular on-chain transactions to enter or exit this parallel network. As these narratives about Bitcoin shift over …

Gold and cryptocurrencies are often seen as oil and water by investors — but a new project enables consumers to gain exposure to both asset classes at the same time. AABBG is a token that is fully backed by gold, and this ensures that the asset’s value is pegged to the current spot price of the precious metal. This is coupled with a crypto wallet that allows these digital assets to be stored securely, giving users the freedom to effortlessly make transfers to friends, family and businesses. The project, developed with Core State Holdings, Corp (CSHC), says anonymity is a …

By his own admission, Lee Cooperman still does not understand Bitcoin (BTC), despite its being up more than 300% since early December 2017. Speaking to CNBC on Thursday, the billionaire investor alluded to people his age having a hard time understanding Bitcoin, adding: “I’d be very careful with Bitcoin; I don’t think it makes a great deal of sense and if you are nervous about the world, gold — to me — would be a better place to store value.” Cooperman’s statements on Thursday are in keeping with previous comments about Bitcoin. Back in December 2017 when BTC was on …

El Salvador’s adoption of Bitcoin (BTC) as legal tender has been widely celebrated across the crypto ecosystem, but one expert believes the importance of the rollout was a little bit exaggerated. Speaking to CNBC, Fidelity Investments director Jurrien Timmer said that the significance of El Salvador’s Bitcoin move is “a little bit overplayed.” “Because it’s not like El Salvador has dropped the U.S. dollar as its peg,” Timmer explained. “It’s not like it switched from dollars as its currency peg to Bitcoin.” Reminding that the country still has the United States dollar and people can decide to be paid in …