Bitcoin, dubbed the “King of Cryptocurrencies,” has risen in value once again.
The controversy about Bitcoin and Gold has heated up once more. Bitcoin’s price has recently risen sharply, while gold’s price has fallen by over 10,000 rupees from its all-time high.
Bitcoin, the world’s oldest, richest, and most famous cryptocurrency, has reached a price of $ 64,600. One bitcoin costs around 77.68 lakh Nepali rupees when converted to Nepali rupees (Bitcoin Price all Time High). Similarly, one kilogram of gold costs around 76.73 lakh rupees in the Nepali market. That is, the value of one bitcoin has surpassed the value of one kilogram of gold.
When Bitcoin was first introduced in 2009, it cost Rs 0.096. The value of bitcoin, the world’s first decentralized currency, has risen dramatically in the last 12 years, but gold is still regarded as a safe haven asset for investment around the world.
According to Bloomberg analysts, the price of bitcoin could hit $ 4,000,000.
It costs about $64,000 right now. Analysts calculated this based on the increase in bitcoin’s price between 2013 and 2017. Bitcoin and cryptocurrencies have a promising future, according to Bloomberg’s Monthly Crypto Outlook (Crypto Outlook), which was published on April 6.
Since October, a large amount of money has been invested in bitcoin funds, according to JP Morgan, while investors have shied away from gold. If more institutional investors turn to cryptocurrencies, this trend is likely to continue for a long time. Digital currencies are becoming increasingly common as an asset class.
According to experts, if investors abandon gold in favor of cryptocurrencies, the precious metals markets would suffer. Institutional investors have only recently begun to embrace bitcoin, according to JP Morgan’s strategies. Between October and December 10, around $ 2 billion was invested in bitcoin, while $ 7 billion was withdrawn from gold exchange funds.
Goldman Sachs Group Inc. and Morgan Stanley have revealed plans to make cryptocurrency investments available to their clients. Tesla Inc. announced a $1.5 billion investment in Bitcoin earlier this year and has since begun accepting it as payment for electric vehicles.