The Rhymes Of Bitcoin’s Price Action With 1970 Gold Markets
Digital currencies are growing, but more than half of the world is still in doubt. Are you also in doubt while talking about digital assets such as cryptos or blockchain? Then here you are in the right place. Because your doubts will be cleared here with the help of researched and analyzed reports generated by experts.
We are not going to make any claim here, but we will talk about the reports that test digital currencies more seriously. Many reports are there to prove that Bitcoin or other cryptocurrencies are the real future of the financial market. But still, there are people with claims that bitcoins will no longer be supported.
Doubts about bitcoins
But why are these doubts there? Because bitcoin is a decentralized currency. Which means that there is no centralized control on these cryptocurrencies. So there is more volatility in cryptocurrencies as compared to traditional currency or fiat currency.
So you have to keep in mind that cryptocurrency is decentralized, but still, there is huge growth in this sector. Latest reports state that bitcoin is the gold of the 21st century.
Do you believe that bitcoin is the 21st century? No matter if you don't believe in it. But you will receive when you will see reports by financial market makers like CitiBank. CitiBank has released a report which states that bitcoin is the gold of the 21st century.
Also, there are reports to prove that bitcoin’s price action is exactly rhyming with the 1970 gold markets. We will discuss these two things in this post. Whether these reports are real or they are false in actuality.
What did CitiBank say In Actual?
The question is what CitiBank said in actual. Recently an independent report was released by CitiBank. And the best thing is that the report was like a statement by the managing director of CitiBank. That is why the whole world is considering this report as a serious one for the global financial market.
Tom Fitzpatrick is not only Managing Director of CitiBank, but also he is a former FX Technician. In his report, he stated that there are so many similarities in the current price action of Bitcoin and 1970’s gold markets.
What Report Says?
The latest report from the experts says that bitcoins are growing with a faster pace. Its price will increase more this year (2021). As a result, it will become a reserve behind all the other currencies.
We all know that currently gold and the USD is the reserve behind all the other currencies. From nations to central banks of the countries, everyone has gold reserves. And, some countries have the United States Dollar as their reserve currency.
But before 1970 gold market fluctuations, the gold was not so precious. Gold was precious for the people, but it was not precious for the nations. And the report from CitiBank says that now in this current timeframe, bitcoins are vital and it will become a reserve for the whole world. This report also talks about the upward movement of bitcoins.
What happened In Gold Markets In 1970?
As we have already mentioned that gold was not precious in 1970. But, gold was not made precious in 1970. The whole story of the gold was started after world war 2 in 1944. The Bretton Wood Agreement was signed by various countries. Around 44 countries were part of this agreement. But, this agreement was not about Gold.
It was signed by half of the independent countries of the world to shape the currency market at the global level. But this agreement affected the gold market in 1970. After that in 1970, the Gold became equal to the USD. And from then the USD and Gold became the reserves for most of the nations and financial organizations.
What's Going On With Bitcoins Now?
Bitcoins are growing along with other cryptocurrencies. There are hundreds of cryptocurrencies. From altcoins to bitcoins all the cryptocurrencies are seeing huge growth. Sometimes market reports are stating that Ethereum or other altcoins are doing better than bitcoins.
But in actual Bitcoins have more value than any other cryptocurrency. According to the CitiBank report, Bitcoins will grow with speed. And by the end of this year, bitcoins will go up to $300k.
COVID-19 & Recent Bitcoin Growth
In his report,MD of CitiBank stated that COVID-19 and recent growth of BTC in the present time has a different vibe. This environment is like the gold market in 1970. From 2011 to 2013 in four years bitcoin was grown more than 500 times to its original value. Now the whole world is looking forward to the digital assets and digital currencies.
Many countries have also shown interest in the development of bitcoins. The global economy was facing issues during COVID-19 pandemic. The whole world wants a way to survive this kind of situation. As a result of it, digital currencies are growing as compared to traditional currencies.
Bullish Behaviour Is Positive Signal
The bullish behaviour of bitcoins is the positive signal for every digital currency enthusiast. Experts say that whenever there is a long time bullish market behaviour, the related assets grow with speed. In the same way in 1970, it was the bullish market for gold.
And after that gold became the reserve for the whole world. In the same way now bitcoins are in bullish behaviour for a long period. So it is clear that bitcoins are the future of financial technologies. Also, it will become a reserve. That is why CitiBank has stated that bitcoins are the gold of the 21st century.
Ascending Parallel Channel
The ascending parallel channel of bitcoin after 2013 is also a clear sign that BTCs are going to be the primary currency for all. No matter if the world is completely accepting it right now or not.
After a few years, the whole world will accept it as a primary currency same as the USD. Not only bitcoins but also the other cryptos will become more valuable than the other fiat currencies.
The Positive Steps By The World
The whole global financial market is considering BTC and other popular cryptos with more concern. We have seen that many digital payments systems have started accepting bitcoins, Ethereum or Ripple.
Some financial technologies have announced to adopt cryptocurrencies. Many tech giant companies are also researching and developing blockchain technologies.
Also, these digital currencies are eco friendly and they are going to be the most sustainable technologies in the world. So everything is a clear sign that the bitcoins are on the positive track in the fintech sector.
If we say that bitcoin is on the same track as the gold was in 1970. But the first reaction of anyone listening to this statement won't be positive. More than half of the world is not serious about cryptocurrencies. But the CitiBank report states that bitcoins current price action and fluctuation is related to gold’s fluctuations.
CitiBank MD is trying to state the world that bitcoins are the future. If it becomes reserves as gold or USD, then there will be nothing strange for the world. He is preparing the whole world for the future empowerment of the cryptocurrencies.
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