The sarcastic Peter Schiff parody account on Twitter, @relevantpeter, tweeted a joke that the Bitcoin price has outperformed that of Gold for some time.
While the tweet is clearly a joke, let’s actually compare the price of Bitcoin and gold — over a longer timeframe than 19 minutes, of course.
BREAKING NEWS: BITCOIN HAS OUTPERFORMED GOLD TREMENDOUSLY OVER THE PAST 19 MINUTES. DOES THIS SPELL THE END FOR THE YELLOW PRECIOUS METAL? STAY TUNED FOLKS, THIS COULD BE BIG.
— Relevant Peter Schiff (@RelevantPeter) September 26, 2019
Bitcoin opened 2019 at $3797.94. Eventually, it reached a high of $13,831 on June 26 — before decreasing to the current price of $8000.
Gold opened 2019 at $1282.84. It reached a high of $1557 on September 2, very close to the current price of $1497.
Comparing the rates of increase side by side, we can see that once the BTC price began to accelerate around April, it outperformed gold for the rest of the time year.
BTC reached a high of 260 percent before decreasing to the current price. At the time, it has increased by about 109 percent since the beginning of 2019.
Bitcoin vs. Gold: All-Time Comparison
Comparing the price since 2010, when there is tracking data for Bitcoin, we can see that the increase for BTC has been absolutely massive. The Bitcoin price had a price of $0.06 in July 2010 and has steadily increased, since.
On the other hand, the uptrend has been much more gradual for gold.
Gold had a price of $1210 in July 2010, before increasing to $1920 in September of next year. It decreased until 2016, reaching a similar low of $1200. It has been increasing since.
Comparing the rate of increase, Bitcoin has increased by a massive 9390661 percent — while gold has only increased by 25 percent.
Bitcoin Wins (Of Course)
The price of Bitcoin has outperformed gold throughout 2019 and since its inception. While it is indeed more volatile, until now, the rate of increase has been much higher.
As BeInCrypto has previously reported, Bitcoin experienced a significant price drop a few days ago, right after Bakkt launched its futures trading platform.
Do you think Bitcoin will continue to outperform gold? Let us know in the comments below.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
Images are courtesy of Shutterstock, TradingView, Twitter.