Bitcoin (BTC) is now as valuable as 1 kg of gold
The popularity of Bitcoin is at an all-time high now, as Bitcoin is now as expensive as 1kg of gold. According Coingecko, the last maximum of 24 hours of Bitcoin is $ 58,640, which was almost equal to last week's gold high of $ 58,754.
As of early Monday, February 22, the world's largest crypto asset was more expensive than gold, trading at more than $ 58,000 than $ 57,371 of gold. Bitcoin has now dropped to $ 53,700 at the time of writing, according to Coingecko.
According Cryptowatch, Bitcoin ended the week with another strong weekly green candle that grew 18% and added $ 8,800 to its price. With a total market capitalization of $ 1.04 trillion, Bitcoin is now worth more than the entire Dutch stock market.
Bitcoin started 2021 at $ 28,990 and as of Sunday, February 21, it surpassed $ 58,000 amid growing acceptance by major investors and major companies. This means that the coin has already doubled this year and the $ 100K milestone is not unthinkable in 2021.
On January 7, Bitcoin broke the $ 40,000 barrier, and in the following days, it cost up to $ 42,000. After that, the coin kept oscillating between $ 31,000 and $ 35,000, with peaks of up to $ 39,000. Amid this scenario, JP Morgan Chase analysts, in late January, predicted that Bitcoin could never exceed $ 40,000 due to weak institutional demand and the possibility of investors withdrawing their earnings.
But Bitcoin again proved its resilience and surpassed the $ 42,000 levels again on February 9 when renowned electric car maker Tesla ad the purchase of 1.5 billion dollars worth of Bitcoin. A week later, business intelligence firm MicroStrategy announced its plans to buy 600 million worth of Bitcoin, which it then increased to $ 900 million. This helped Bitcoin break above $ 50,000 and to a new all-time high (ATH) of $ 58,640 early Monday, February 22.
According to experts, with this growing acceptance by institutions, the gap between supply and demand is widening, suggesting a further increase in prices. Skybridge Capital founder and managing partner Anthony Scaramucci, in an interview with CNBC last week, said that this gap would help BTC achieve the $ 100,000 milestone before the end of 2021. Anthony commented:
“I think we will see $ 100,000 in this coin before the end of the year… It's just a supply and demand situation. There is not much supply and a very high demand ”.