This week, silver saw a 5% gain and revisited a 3-month high. Gold set a new eight-year high, reaching over $1,750 per troy ounce. The boost in precious metals also bodes well for Bitcoin, which has been rising in tandem.
With both gold and silver each setting new local highs, will Bitcoin price finally take out $10,000?Supply Struggle Drives Price of Silver and Gold to New Local Highs
A h on silver and gold has pushed precious metals to new local highs. Silver reached over $17 an ounce, up over 14% since the start of the month.Others aren’t as convinced by the demand.
Related Reading | Gold Bug Peter Hug Warns Inflation Will Be Slow, Will This Delay Bitcoin’s Bull Run?
Can Bitcoin Outshine Precious Metals As a Safe Haven Asset?
Gold and silver rising in the face of economic crisis due to their limited supplies, bodes extremely well for Bitcoin. While gold and silver are indeed scarce, there’s no telling how much supply remains to be mined from the earth or elsewhere.
Related Reading | Strong Correlation Between Bitcoin and Stock Market May Finally Be Over
Bitcoin‘s growth and interest are closely following gold and silver, further proving the asset’s potential value as a safe haven asset.
In the below chart, following the Black Thursday crash, each asset has made a strong climb since and shows similar price action and correlation. Silver is pacing slightly behind gold and Bitcoin, with gold acting as the clear front runner. Gold is an asset that’s been trusted for centuries and in use for just as long. Cryptocurrencies are a brand new, untested asset class, yet are still showings strong promise alongside these two precious metals.Is this Bitcoin‘s time to shine brighter than gold and silver?