Bitcoin Is Looking On A Positive Week As FED's Decision Comes Closer, While Gold Stumbles Along With A Basket Of Precious Metals
The popular digital currency has been grinding vigorously as 2017 enters, Bitcoin last Friday, reached a record high as talks about the approval for the first U.S. bitcoin exchange-trade fund by the Securities and Exchange Commission grow closer and closer to success. Bitcoin Investment Trust (OTC:GBTC) also trampled its way past gold’s sales in a twelve-month period after stiffer dollar prices.
The virtual currency was trading in the Friday morning market in New York was at $1,292.71 and more, compared to the dwindling price of gold which was trading at $1,226.89 for an ounce. The precious metals are having the hardest time last week, as declines are continuing for the fourth consecutive time in five days. Most precious metals such as silver, platinum, and palladium also plummeted in the recent week as the U.S. dollar remains firmer and firmer.
Bitcoin Increases Last Friday
Bitcoin has been increasing for as much as 5% in the day trading. The digital currency is also looking at a 30% increase for the year, making the Bitcoin Investment Trust Shares almost tripling in value. The past three months also boosted the bitcoin popularity with coinciding instances, such as India and Venezuela’s effort to eradicate older currency notes. Prime Minister Modi is looking to eradicate the country’s corruption; on the other hand, President Maduro has been trying to vanquish capital flight from the Venezuelan economy.
Bitcoin’s Growing Popularity
The recent currency purging leaves bitcoin with a lot of room to work for, one advantage it has another competitor such as gold is having the convenient medium of payments worldwide, but with a limited number of the transactions. The digital currency also grows more famous with Millennials who understands how digital currency operates better the preceding generations.
Although bitcoins have some subtle advantages, gold can still be used in certain ways, giving it a decent niche against the digital currency. It is still a wise decision to not jump on the bitcoin bandwagon, especially for those who don’t have a clear grasp on the nature of the digital currency.
SEC Decides On March 11
Investors Cameron and Tyler Winklevoss has been the ones pushing the application for bitcoin ETF as early as 2013; the US Securities and Exchange Commission will be deciding for the final decision this coming March 11 for the ETF listing. According to Daniel Masters of Global Advisors Bitcoin Investment Program, a Jersey-based company:
"There's one catalyst at the moment and that is the expectation that the Winklevoss Trust will be approved on the 11th of March. That's the only game in town,"