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“Bitcoin Reaches $107K: Can It Beat Gold?”

Bitcoin’s price has soared to over $107,000, sparking discussions about whether BTC can emerge as a rival to gold as the ultimate store of value. In 2024, Bitcoin’s journey to its peak was propelled by Donald Trump’s endorsement during the US Election and subsequent victory. Despite facing slumps earlier in the year, BTC managed to achieve record-breaking prices from November through December. This year has witnessed a unique scenario where traditional economic relationships have been disrupted, with assets like equities, gold, the U.S. dollar, and Bitcoin all experiencing simultaneous rallies. The S&P 500 surged by 25% y-t-d, gold prices increased by 28%, the U.S. dollar index rose by 4.8%, and Bitcoin hit new all-time highs, surpassing $100,000. In fact, Bitcoin reached a new ATH of over $107,000 in the last 24 hours.

Often referred to as “digital gold,” Bitcoin shares similar qualities with physical gold, such as scarcity and decentralization. With a capped supply of 21 million coins, Bitcoin serves as an effective hedge against inflation due to its inability to be easily influenced by governments. The year 2024 solidified Bitcoin’s legitimacy as an asset class through two significant events: the approval of Spot Bitcoin ETFs, attracting institutional players like BlackRock and Fidelity, and Donald Trump’s supportive stance on cryptocurrencies, pledging to establish a U.S. Bitcoin strategic reserve.

Despite Bitcoin’s impressive rally, gold has also made a notable resurgence as a safe haven asset, outperforming equities this year. With gold futures up by 28% y-t-d, gold’s value as a financial instrument and physical commodity remains steadfast. While gold offers stability, Bitcoin’s growth potential and volatility make it an enticing addition to a diversified portfolio. Together, gold and Bitcoin create a balanced hedging strategy against economic uncertainties, with Morningstar research recommending a 5% allocation to Bitcoin for optimal risk-reward balance.

President-elect Donald Trump’s proposal for a U.S. Bitcoin strategic reserve signifies a significant policy shift that could reshape global financial dynamics. As Bitcoin’s price trajectory continues to rise, analysts anticipate it surpassing gold’s market capitalization of $16 trillion, potentially reaching $800,000 per coin next year. Countries like Russia have also explored cryptocurrency reserves, emphasizing the growing global role of Bitcoin in geopolitics.

In navigating the complex investment landscape of 2024, investors must adopt a flexible approach, considering the simultaneous rallies of various assets. By embracing a dual allocation strategy with gold for stability and Bitcoin for growth, investors can position themselves effectively amidst economic uncertainty. Although the creation of a U.S. Bitcoin strategic reserve remains speculative, Trump’s support for crypto innovation has bolstered Bitcoin’s rally, setting the stage for its transformative impact on global finance in the future.