On the same day, both bitcoin and gold set new price records.
Since Bitcoin’s inception, the new all-time highs were the first occasion that gold and Bitcoin simultaneously set new records.
On March 5, Bitcoin BTC $66,594 set a new price record, crossing over $69,200 for the first time ever.
Gold hit an all-time high on the same day that the Bitcoin community had a historic moment. This corresponded with favorable advances in conventional financial markets.
TradingView data indicates that on March 5, at around 1:30 pm UTC, spot gold surpassed its all-time high record at $2,130, exceeding its prior highs of over $2,000 established in early December.
At 3:00 pm UTC, Bitcoin reached a historic high of $69,210, setting another record in less than two hours. More over two years have passed since Bitcoin’s all-time high of $69,000 on November 9, 2021.
According to the price charts, the new all-time highs were the first time since Bitcoin’s launch in 2009 that both gold and Bitcoin have ever broken records at the same time.
Since Bitcoin and gold are both often seen as possible hedges against fiat currencies and inflation, the community swiftly responded to the events by calling it another “bad day for fiat money.”
Bad day for fiat money: not only has #Bitcoin reached an ATH today, #Gold is also trading at a record high. pic.twitter.com/ijD6jf8yZC
— Holger Zschaepitz (@Schuldensuehner) March 5, 2024
Some experts think that the possibility of future interest rate reductions to keep national debt burdens in check is driving the recent highs in gold and Bitcoin prices.
According to StoneX global director of research Matthew Weller, the simultaneous all-time highs of gold and Bitcoin are taking place against a background of relatively high interest rates, or 4.5% plus, across the developed world. The expert stated in a message to Cointelegraph:
“Traders are looking for alternatives to traditional fiat currencies in the current environment for a variety of reasons, including elevated risk appetite, sticky inflation, record debt levels, and ongoing geopolitical tensions in the Middle East and Eastern Europe.”
According to Weller, the enthusiasm around the impending quadrennial halving event and the enormous inflows into spot BTC exchange-traded funds in the US are the main causes of the current increase in Bitcoin.
Significant Bitcoin bulls have said that they are more confident in Bitcoin than in gold at the market’s record highs.
In a March 5 CNBC interview, millionaire Shark Tank star Mark Cuban said, “I’m investing in Bitcoin over gold all day, every day.”
Distinguished gold bull After then, Peter Schiff retaliated against Cuban’s claims. Schiff said in a post on X that “this shark is swimming in the wrong tank.”
As of this writing, CoinGecko statistics shows that Bitcoin has increased by 52% year to date. Spot gold has increased by around 2% since the start of January.
