u.today
Veteran trader Peter Brandt has made an epic new prediction about Bitcoin's future value relative to gold.
According to analysis, Bitcoin (BTC) is set to keep on going up against precious metal over the next 12 to 18 months. He foresees that the number of gold ounces needed to buy one Bitcoin would eventually reach 100, which would mean a 344% rise in Bitcoin's current value compared to gold.
Since its inception Bitcoin $BTC has gained against Gold. This chart shows the # oz. of $GC_F to buy one BTC. The ratio should chop for another 12 to 18 months -- then advance to 100 oz of GC to buy a BTC
— Peter Brandt (@PeterLBrandt) May 30, 2024
What say you @PeterSchiff pic.twitter.com/3G2adZV0KM
Brandt's forecast is backed up by a chart he shared, showing how Bitcoin has performed historically against gold. If Brandt's prediction comes true, Bitcoin fans could see some big returns on their investments as the digital currency outperforms the traditional safe-haven asset.
Tale of Two Peters
In his analysis, the trader also mentioned Peter Schiff, a well-known gold investor and critic of cryptocurrencies. Schiff has long argued that Bitcoin is a speculative bubble with no intrinsic value, favoring gold as a more reliable store of value. His skepticism toward Bitcoin has made him a controversial figure in debates about the future of digital currencies versus traditional assets.
As it stands now, the price of the major cryptocurrency has settled at 29 ounces of gold or $68,000 per BTC. The next 12 to 18 months will be key to seeing if Brandt's bullish prediction comes true.
While Bitcoin continues to gain mainstream acceptance and attract institutional interest, the financial community remains divided on its long-term viability and worth.