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05 March 2021

Overheard On CNBC: If It Wasn't For Bitcoin, Gold Would Be $3K

Overheard On CNBC: If It Wasn't For Bitcoin, Gold Would Be $3K


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Natural profit-taking caused the price per ounce to pull back, but rather than go for another leg higher, capital well suited for gold made its way into Bitcoin instead.

Because Bitcoin exists, and money is pouring into the scarce cryptocurrency instead of gold, has prevented gold from trading at $3,000 an ounce, according to a statement overheard on CNBC today.

It is because of the first ever cryptocurrency that the rest of the market exists, and according the the statement made on CNBC, is responsible for gold trading at under $2,000, let alone the $3,000 it would be otherwise.

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