Gold Hits Peak; Bitcoin market cap predicted

Apart from Bitcoin, the price of gold is also reaching highs. However, the famous BTC pioneer and crypto expert predicted that the market capitalization of the two assets could be reversed.

Spot gold rose to a new record high of $2,110 an ounce before Asian trade gave up some gains on Monday morning.

Bitcoin to flip gold?

Gold prices built on last week's momentum to hit new highs this week. Spot bullion was changing hands at $2,084/oz at the time of writing, cooling off from its peak a few hours earlier.

Moreover, the price of the yellow metal has increased for two consecutive months. The Israeli-Palestinian conflict has increased the demand for safe assets. Additionally, expectations of interest rate cuts provided further support, CNBC reported.

According to Fitch Solutions' research division (BMI): “We believe the main reasons to buy gold in 2024 are interest rate cuts by the US Fed, a weak US dollar and heightened geopolitical tensions.”

Read more: 7 must-have cryptocurrencies for your portfolio before the next bull run

Chart guru Willie Woo comments on the First Place Gold ETF, the SPDR Gold Trust, and how it has driven the markets for years to come.

“It provided an easy way for investors to get gold into their portfolio. When it started, gold went on a rally for 8 years without a single year between 2005-2012.”

Huge wealth transfer

On December 4, cryptographer Adam Buck predicted that Bitcoin, or digital gold, “will definitely overtake physical gold sooner or later.” And maybe this half cycle, so in a year or two.

For this, BTC prices should reach 700,000 dollars, he added. However, this could be adjusted downward if people start selling gold to buy bitcoins, he said.

In a separate post, Back also predicted another “hyperbitcoinization after-burner.”

“As boomers (ages 59-77) leave their wealth to the next generation, gen X and millennials, more stocks, bonds and retirement pots will be released to buy bitcoin.

Teter and Van Eyck's strategy advisor, Gabor Gurbach, reminded readers that the $68 trillion was the “biggest generational wealth transfer.”

Naturally, gold bug Peter Schiff took the usual swipe at Bitcoin, suggesting that the price of gold's correction from its ATH spurred Bitcoin to rally around $41k.

“This could be Bitcoin's swan song,” he cried gloomily before adding that the “speculative frenzy” surrounding Bitcoin ETFs will end soon.