Gold Beats Bitcoin ahead of Central Bank Confabs
Gold looked stronger than its digital rival Bitcoin on Wednesday as investors awaited the outcomes of a string of central bank meetings.
The spot gold rate climbed 0.49 percent in early European trading session to trade at $1,492.68 as anticipation of looser monetary policies indicated potential value-depreciation of fiat currencies. Meanwhile, the BTC/USD instrument on Coinbase, which tracks bitcoin’s performance against the US dollar, by 0.92 percent to $10,000. The move downside marked bitcoin’s fourth consecutive daily session in negative territory.
The intraday polarity in the bias of Gold and Bitcoin showed an uneasiness of investors towards putting money in the latter. Morgan Creek Capital co-founder & partner Anthony Pompliano in June projected monetary easing policies as breeding grounds for bitcoin bulls, stating that a drop in the value of fiat currencies would create demand for non-sovereign assets/currencies like bitcoin. Meanwhile, noted economist Alex Krüger had that only speculators – for now –would drive the price of bitcoin higher, not institutional investors.