Gold Reasserts Safe Haven Status, But Bitcoin's Path May Be Brighter: Analysts
Bitcoin declined over Thursday and Friday, continuing a downward trend as investors shifted towards gold, a traditional safe haven asset. Gold's gains surpassed Bitcoin's, with gold increasing 27% year-to-date compared to Bitcoin's 12%. Earlier in the month, Bitcoin reached an all-time high near $112,000, but has since fallen over 6%, while gold remains near its recent high. Concerns over the U.S. dollar's stability have heightened gold's appeal as a safe haven. Despite this, analysts suggest Bitcoin may have stronger long-term prospects due to increased participation from traditional finance firms. Bitcoin funds have attracted approximately $7.3 billion since late April, while gold ETFs have lost about $4.9 billion. Spot Bitcoin ETFs approved by the SEC now manage around $127 billion in assets, with BlackRock's iShares Bitcoin Trust leading. Some analysts argue that while gold may have temporarily outperformed, Bitcoin is still gaining traction in the long run.
