Wednesday, January 4, 2017

Bitcoin price could surpass gold in dollars by the end of the week

As the price of Bitcoin crushed through the $1100 resistance level with great gusto last evening, it appears to only be a matter of time before the crypto-currency reaches and surpasses its all-time high of $1165.

But perhaps what is even more astonishing is that Bitcoin is now only $20 from equaling the dollar price for gold, which currently stands at the same all-time high price that Bitcoin achieved back in 2013.

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Bitcoin prices are up $100 on the day, having already shot past the $1,100 mark. 
Markets have risen nearly 10% over the course of the day’s trading, according to data from the CoinDesk Bitcoin Price Index (BPI), which hit a high of $1,141 at time of writing before falling back. 
With the move, global exchange averages have inched closer to the BPI's all-time high of $1,165.89, set on 30th November, 2013, leaving them roughly $25 below that level. 
The digital currency's price appreciated sharply after crossing the $1,100 line, quickly spiking to a high of $1,129.28, before meeting some resistance. - Coindesk
This anomaly in price between gold and Bitcoin is centered around a two-fold dichotomy, where manipulation of one is much easier for the banks to accomplish since they can do so simply by dumping thousands of bogus paper contracts.  And at the other end of the spectrum is the ongoing global currency crisis that is occurring from Venezuela to China, making it much easier for individuals and investors to move their money around using Bitcoin rather than through purchasing gold or silver and trying to utilize them as a medium of exchange.

While there may some short-term resistance for Bitcoin to reach and surpass its all-time high price of $1165, the chances are very good we could see this happen before the market close on Friday in Asia.  But either way, with Bitcoin, gold, or silver, all three have quickly become the money of choice for people seeking to protect themselves from the cash bans, capital controls, and overall destruction of the sovereign money they primarily use.

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