Bitcoin Crushes Gold Ceiling: 1 BTC Equals 39 Ounces—More to Come?

Launched in 2009, Bitcoin has massively surged as the flagship cryptocurrency recently hit an all-time high of $106,533. Since the U.S. presidential election, the value of the cryptocurrency has increased by at least 50 percent. However, the price is currently consolidating at $104,672 – 2.6% higher on Monday. At this price, 1 Bitcoin is equal to 39 ounces of gold. U.S. Strategic BTC Reserve Talk Fuels Rally Further, there is speculation that the Trump administration is making a Bitcoin strategic reserve. This initiative would be modeled after the US Strategic Petroleum Reserve. President-elect Donald Trump discussed this during a recent public address. The U.S government already owns 200,000 BTC, which is worth over $20 billion. Trump’s administration also intends to apply crypto-friendly measures. Former PayPal executive David Sacks has been hired as a cryptocurrency advisor. Trump is also likely to nominate Paul Atkins, an attorney with a pro-crypto record, for the position of the SEC chair. Other nations have also shown interest in holding Bitcoin reserves . China, the UK, Bhutan, and El Salvador have invested in Bitcoin for national strategies. Japan legislators are pushing for a strategic Bitcoin reserve. Meanwhile, Russia is exploring Bitcoin as an alternative to the U.S. dollar. President Vladimir Putin has criticized the dollar’s dominance in global trade. Jerome Powell, Chairman of the Federal Reserve, remains skeptical. He recently compared Bitcoin to gold, calling it speculative. The inclusion of MicroStrategy in the Nasdaq-100 Index has drawn attention as MicroStrategy holds significant Bitcoin reserves . Its shares have surged sixfold this year, reaching a market value of $94 billion. The company’s inclusion in the index could attract more institutional investors. Peter Brandt Bitcoin Analysis and Prediction Veteran trader Peter Brandt’s recent analysis on December 16th shows Bitcoin has broken a new all-time high in the Bitcoin/Gold ratio. The ratio is now at an all-time high, with Brandt predicting it could soon reach 89:1, meaning it will take 89 ounces of gold to buy one Bitcoin. Chart shared by Peter Brandt showing BTC Vs Gold analysis Both Brandt’s charts show a clear bullish breakout, with Bitcoin maintaining strong upward momentum. The other chart highlights Bitcoin’s recent price action, suggesting a possible target of around $120,000, with further upside potential. Chart shared by Peter Brand showing BTC/USDT analysis and next target The chart shows Bitcoin’s longer-term movement, reinforcing the strength of this rally, with Bitcoin steadily rising after breaking past resistance levels. Bitcoin’s year-to-date growth now stands at 192%. The total cryptocurrency market is valued at $3.8 trillion.