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Peter Brandt says Bitcoin is worth 100 ounces of gold. Also, the price of Bitcoin will increase against gold. Brandt claimed that the price of Bitcoin will fluctuate over the next 12 to 18 months. Also, this currency will eventually increase by 230% against gold.
According to the Digital Currency Report, it claims that the decentralized digital asset will increase by 230% against gold.
Brandt claimed that the ratio of gold to BTC will fluctuate for the next 12 to 18 months. It will eventually climb to a new high of 100 ounces of gold per BTC.
While it remains to be seen whether Brandt’s prediction is correct, a comparison of the price history of Bitcoin and gold shows that his comments are not unfounded or unrealistic.
Bitcoin has been rising against gold since its inception. But finally in 2017, it overtook the precious metal in terms of price. That year, Bitcoin reached $19,649 on December 17.
When gold resumed trading on December 18, 2017, the commodity reached $1,264 an ounce before the daily candle closed at $1,261 an ounce. Using these numbers, approximately 15.5 ounces of gold were required to purchase 1 Bitcoin.
Since then, the price of Bitcoin has managed to stay well above the price of gold. Even at the low points of the 2019-2018 bear market, when Bitcoin hit a low of around $3,126 in December 2018.
In the same month, gold experienced an upward price trend, but only reached its highest level of around $1,283 by December 31, 2018.
In 2020, gold experienced another bull run that was temporarily disrupted by the infamous March 2020 market crash, as a result of the Corona outbreak, which was reflected in a wide range of assets, including Bitcoin.
By August 2020, gold reached its highest price of around $2,075 per ounce. Because at that time, the fear of economic recession and severe inflation had gripped the investor community.
Bitcoin traded sideways during this time. But in the same month, it reached levels of around 12,341 dollars.
Both assets generally underperformed in 2022. But in 2023, they were able to return to their good state.
In May 2024, gold hit an all-time high of around $2,449 per ounce, and is currently trading at around $2,320 per ounce, while Bitcoin previously touched $67,210 at the time of writing. Falling slowly, it reached its highest level of around $74,000. Using current market prices, it takes approximately 29 ounces of gold to buy one Bitcoin.
