Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Gold's bull run sparks bullish Bitcoin predictions from experts

Gold's bull run sparks bullish Bitcoin predictions from experts

GrafaGrafa2024/08/19 06:45
By:Isaac Francis

Gold's recent impressive performance has prompted Bitcoin (CRYPTO:BTC) proponents Fred Krueger and Jack Mallers to draw parallels between the two assets, suggesting that Bitcoin might follow a similar upward trajectory. 

Krueger, in his analysis titled "Gold Smells Inflation," highlighted gold's resurgence since the early 2000s, particularly following the introduction of gold exchange-traded funds (ETFs). 

He noted that gold has increased tenfold in value, significantly outpacing the Dow Jones Industrial Average's fourfold growth over the same period.

Krueger attributes the rise in gold prices to growing economic instability, driven by concerns over proposed policies by U.S. Vice President Kamala Harris, which he compares to those seen in socialist or communist regimes. 

He suggests that these economic strategies have renewed interest in gold as a hedge against potential mismanagement and inflation. 

Krueger also sees a strong relationship between gold and Bitcoin, noting that both assets have been rising since 2020. 

He predicts that Bitcoin is on the brink of a significant breakout, potentially reaching new price highs as current market pressures, such as U.S. government actions and the distribution of Mt. Gox coins, ease.

Jack Mallers, founder of Strike, echoed Krueger's sentiments, taking to X on August 16 to discuss gold's new all-time price high. 

Mallers believes Bitcoin is poised to be the next hard asset to see substantial gains. 

He argues that Bitcoin is the best expression of fiat currency debasement and likens its potential rise to the hyperinflation seen in countries like Zimbabwe. 

Mallers is confident that Bitcoin's value will see an "explosive" increase as it follows in gold's footsteps.

Both Krueger and Mallers emphasise the role of Bitcoin as a hedge against economic instability and inflation, predicting that it will mirror gold's ascent as broader financial factors come into play.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Join First Convicted RACCON Community Campaign Now to Win Your Share of $5,000 FRED!

Bitget announced that FRED/USDT is listing on Bitget! In order to show our warm welcome, we have set aside a reward pool of $5,000 FRED for our special new joins during this period. Participate in the event and join Bitget now to receive your exclusive token airdrop. So, what are you waiting for? J

Bitget Announcement2024/11/14 11:00

FBI raids home of Polymarket CEO Shayne Coplan

Cointelegraph2024/11/14 10:11