Bitcoin nears record high in latest sign it may be turning into ‘digital gold’
Bitcoin surged by approximately 1.6% on Friday, nearing a new record despite widespread economic uncertainty.
The cryptocurrency was traded at over $122,000, just shy of its all-time high of around $124,000 achieved in August.
This rally indicates that investors may be considering Bitcoin as a safe-haven asset similar to gold, especially amidst the ongoing US government shutdown.
Spot gold saw a 0.5% increase early on Friday, reaching $3,876.55 per ounce. Prices have risen by more than 2% this week, with gold futures surging over 46% so far this year.
“The correlation with gold has strengthened. Bitcoin is often referred to as digital gold due to its limited supply,” said Alex Saunders, Citi’s head of quant macro research, on CNBC’s “Closing Bell Overtime” on Thursday.
On the other hand, experts and politicians are expressing concerns about the negative impact of the shutdown, with Treasury Secretary Scott Bessent warning about potential harm to economic growth on Thursday.
Bitcoin Digital Gold High latest nears record sign Turning
