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Major Bitcoin Rival, Gold, Drops, While BTC Breaks Above $41,000

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Fri, 08/06/2021 - 13:53
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Yuri Molchan
The price of the major Bitcoin competitor, gold, has decreased, while BTC rises above the $41,000 level
Major Bitcoin Rival, Gold, Drops, While BTC Breaks Above $41,000
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Spot gold (XAU) has seen a fall of over 1.5 percent, trading at $1,772 per ounce at press time. This is a continuation of the fall that began on Wednesday when gold was changing hands at $1,828.

Since then, the traditional store of value has lost 3.08 percent of its value.

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Image via TradingView

Its rival in the world of digital finance, flagship cryptocurrency Bitcoin, remains on the rise and is trading above the $41,000 level at the moment, according to figures provided by CoinMarketCap.

Three days ago, Bitcoin influencer Anthony Pompliano shared that in the past 12 months, gold has lost 10 percent of its value, while the digital store of value, BTC, rose by a whopping 249 percent.

Trader and analyst Willy Woo commented that gold and Bitcoin are "inversely correlated" and BTC has been absorbing capital from other major global assets, including gold.

Since August 2020, gold has been unable to recover above its peak price above $2,000.

Some are betting both on gold and Bitcoin, though. One of these investors is Robert Kiyosaki, prominent entrepreneur, investor and author of the best selling book on financial self-education, "Rich Dad, Poor Dad."

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Since last year, he has been investing heavily in both gold and Bitcoin (and silver as well), expecting non-transitory inflation and a devaluation of the U.S. dollar due to the growing monetary stimuli being implemented by the U.S. government, both under the former and current presidential administrations.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.