Key Points
- Peter Brandt predicts Bitcoin’s value will rise 230% against gold.
- Bitcoin and gold’s price history suggests this prediction could be plausible.
Peter Brandt, a seasoned trader, recently made a bold prediction about the future of Bitcoin (BTC). He suggested that the decentralized cryptocurrency could see a 230% surge against gold.
According to Brandt, the ratio of gold to BTC will experience fluctuations over the next 12 to 18 months. After this period, he predicts it will climb to a new high of 100 oz. of gold per BTC.
Historical Price Comparison of Bitcoin and Gold
While Brandt’s prediction is yet to be verified, a look at the historical price trends of BTC and gold indicates that his prediction is not unfounded. Since its launch, Bitcoin has been steadily gaining against gold and surpassed the precious metal in price in 2017. During that year, Bitcoin reached a peak of $19,649 on December 17.
On December 18, 2017, when gold trading resumed, the commodity hit a price of $1,264 per ounce before closing at $1,261 per ounce. Based on these figures, it took approximately 15.5 ounces of gold to buy 1 Bitcoin.
Recent Market Trends
Even during the 2018-2019 bear market’s lowest points, when Bitcoin fell to around $3,126, its price remained well above that of gold. Gold saw some upward movement in December 2018, but only reached around $1,283 by the end of the month.
In 2020, gold experienced a bull run that was briefly interrupted by the March 2020 market drop due to the COVID-19 pandemic. This drop was reflected across various assets, including Bitcoin. By August 2020, gold had hit a new all-time high of approximately $2,075 per ounce, while Bitcoin traded sideways, reaching about $12,341 during the same month.
Both assets performed poorly in 2022 but rebounded in 2023. In May 2024, gold hit a new all-time high of around $2,449 per ounce, while Bitcoin peaked at about $74,000 before dropping to $67,210. Based on the current market prices, it would take roughly 29 ounces of gold to buy one Bitcoin.
The influence of crypto voters on the 2024 election is already evident and this trend is expected to continue.
