TradingKey – Gold and Bitcoin Diverge, But Trump and Michael Saylor Remain Confident BTC Will Surpass Gold.
Wednesday – Bitcoin (BTC) continued its downward trend, approaching the $110,000 mark. Over the past 24 hours, BTC fell to a low of $111,000 this morning, matching its September 10th low. At the time of writing, Bitcoin is trading around $117,402, leaving about 7% of downside before testing the key support level at $108,000.
Bitcoin Price Chart, Source: TradingView.
In contrast to Bitcoin's weak performance, gold (XAUUSD) has continued its record-breaking rally and is now approaching $3,800 per ounce. Despite this divergence, some market voices maintain that Bitcoin will ultimately outperform gold.
Among them, Michael Saylor, founder of the leading corporate Bitcoin holder MicroStrategy (MSTR), stated in a CNBC interview today: "Bitcoin is a technological version of gold — digital gold. In my view, it will grow to be ten times the size of gold." Former U.S. President Donald Trump also firmly expressed that "Bitcoin will one day surpass gold."
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