We always knew good old Bitcoin could do it despite the doubters! Reports now confirm that one of mBitcasino’s fav cryptos has left gold and silver in the pits overlapping 2 popular commodities in the race for the best performing asset of 2020!
That said, who could blame you for putting the dampeners on BTC? It is easy to see why so many lost confidence dismissing any notion that BTC could outperform 2 of the world’s most valuable assets, namely gold and silver. I mean let's be honest, the last couple of years have not exactly been what one would call 'stable' for BTC investors, or for any other crypto investors!
Well, it comes as a breath of fresh air to say that if you have invested in BTC this year, then so far you are on the right track as it sits prettily at almost 30% above its starting value in 2020, and is reporting gains of close to 88% compared to its lowest point this year.
BTC is often referred to as ‘new gold’ and the latest comparative figures being reported could add fuel to the fire in that red-hot debate between gold versus BTC…
BTC Rises 1/3 In Value In 4 Months
In the last 4 months, BTC has impressively risen close to a third in value. This is in spite of a slight glitch in the woodwork when $4,000 was wiped off its value in that fateful March when once again doom and gloom hit our beloved BTC.
Yet, BTC’s usual resilience shone through, bouncing back over the past 4 months to remain floating stably above the $9,000 mark.
Its lowest slump in March saw a drop to the lowly depths of $4944.70 and alarm bells were ringing while the haters were already writing Bitcoin off. Yet, today BTC is worth $9,200+ per coin – a far cry from the short increases that gold prices are reporting and up 88% from its yearly low.
At the beginning of the year, BTC was valued at $7,179.90 which means its yearly gain is already up 29% which is a full 9% above gold’s 2020 performance.
· Yearly Gain – 29%
· 4 Month Gain – 88%
Gold Reports Increases of Just 13%
In comparison to BTC’s excellent performance, gold does not even compare. At the start of the year, gold was valued at $1,519.50 per Oz. Just like BTC it had a huge dip in value in March after it was showing some incredibly positive gains.
From a 10% rise in value since Q1 2020, March saw the value of gold drop to as low as $1477.30 per Oz - at that point down to 3%. This was after previously hitting highs of $1,674.50. Nonetheless gold did bounce back and today at the beginning of Q3 2020 gold is worth $1775.97 per OZ gaining 17% on the beginning of the year but still way behind BTC’s performance of 29%!
· Yearly Gain – 17%
· 4 Month Gain – 20%
Silver Valuation Increases Fall Way Short of BTC and Gold
Silver tells a similar story to gold so far as losses in March and bouncing back from that decline, but overall, in 2020 silver has not been doing well in terms of price gains.
Silver began the year with a value of $17.83 per Oz and is currently worth $18.05 per oz. That’s a measly 1.23% gain this year which is way under BTC. In March alarm bells were ringing in the silver commodities market. Silver has hit a high of $18.87 per oz by the end of February but on March 18 silver rapidly declined to a dangerously low $11.74.
Luckily for long term silver investors, and in all fairness to silver’s resilience, the commodity did quickly bounce back and with its current value of $18.05 per oz just up on the start of 2020.
· Yearly Gain – 1.23%
· 4 Month Gain – 54%
We should always keep an open mind when it comes to Bitcoin as it is still in its infancy and looking for its place within the world of financial assets. As BTC casino players we already know that Bitcoin has solidified its place in the online casino industry, but try telling that to the masses of people out there that still see cryptocurrencies as either too risky or worse still a fake currency – the cheek of it!
In fact, it is fair to say BTC has done well in its short 11-year history. Its main competitors in the options markets have been around for decades. Furthermore, silver and gold have been adopted by governments, investors, and the general public with open arms as tradable commodities, well, all except mBitcasino as we are sorry to report that we are unable to accept gold or silver as currencies for online gambling!
In the end, BTC is up there with the best of them as an asset still worth investing in despite the risk, negative press, and doubters. It has stood the test of time so far, and even though there are conflicting reports on how well it performs before the year is out, it has remained surprisingly stable over the past 6 months hovering between the $6,000 and $10,000 mark.
All we can do for now is remain positive, keep reading expert analysis, and hope that we will see BTC push past that $10,000 mark and start to head above beyond the $20,000 mark so many have been waiting for.
Happy investing and happy gambling!