Bitcoin IS the New Gold
In celebration of the Chicago Mercantile Exchange’s (CME) launch of two new bitcoin indexes (BRR & BRTI), FintekNews is comparing the price of bitcoin and gold on a daily basis.
Trading Notes for Tuesday, 3/2/17:
- Bitcoin reached PARITY with gold this morning, now has a premium to gold.
- Gold is out of favor. Higher dollar makes gold a significant downside risk.
- Near term price target for bitcoin stays at $1300-$1350. Take some money (bitcoin) off the table at that area before next weeks SEC decision on ETF’s.
- LONG TERM bitcoin price is significantly higher……long term hold.
- LONG Bitcoin/SHORT Gold. Terrific ROI potential.
Bitcoin vs. Gold Daily Pricing Chart
* Prices are from CME’s BRR index as of 4:15 EST; gold as of 4:15 EST near term future
** Inception began Aug. 17, 2016 (see FintekNews article)
CME CF Bitcoin Reference Rate & CME CF Bitcoin Real Time Index
We wrote an article (8/17/16) going on the record saying bitcoin will outperform gold throughout the future. The chart above compares the pricing on that date to the two most recent trading days, as reference. We at FintekNews have written (and are on record) of saying that bitcoin will outperform gold in the future.
Please see following FintekNews articles for reference on pricing in graph:
By Bill Taylor-CEO, FintekNews & CIO, TLC Capital Group