Bitcoin vs Gold – February 28, 2017 Update

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, 2/28/17:

  • Bitcoin very firm, move above $1200 quite certain
  • Reducing near term price target to $1300-$1350 from $1400-$1450 (see below)
  • Gold just plain blah. Seems buyers have backed away.
  • LONG Bitcoin/SHORT Gold       6 month + return +114%   why change a winner

Note 2: Near term price target for Bitcoin reduced to reflect uncertainty about March 11 SEC decision to approve Bitcoin ETF. To many people are buying in anticipation of positive decision. (see discussion at FintekNews………”Bitcoin ETF”). Still extremely bullish long term.

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:

BITCOIN-GOLD UPDATE (Published 10/26/16)
BITCOIN-GOLD: $2K $3K? Published 8/17/16)

By Bill Taylor-CEO, FintekNews & CIO, TLC Capital Group