Bitcoin again renewed its historic high by surpassing $ 58,000 this Sunday, leaving behind $ 57,336 a kilo of gold.
Last year, the value of the US dollar fell sharply due to quantitative easing measures. The Central Bank of the United States printed an amount of money never before seen in history. Although government statistics state that the inflation rate is only 1%, the cost of living and the price of goods and services increase dramatically during the pandemic.
At that time, gold and Bitcoin also rose. On July 1, the kilo of gold was $ 57,093. On August 4, it was $ 65,477. In the same period, Bitcoin's price soared from $ 9,145 to an August 2 high of $ 12,034. With the world's leading reserve currency in crisis, investors were drawn to gold and Bitcoin as protection against inflation.
The price of gold has since fallen, although it has remained more or less stable. The real engine here, of course, is Bitcoin, which has increased almost five times.
* Translated and edited with authorization from Decrypt.co