Gold Rallies as Bitcoin Languishes Around $56K
Gold is outperforming bitcoin amid a renewed drop in inflation-adjusted bond yields.
They will show resilience even if the central bank curtails its monetary stimulus program.
When Bitcoin undergoes a technological shift, it's a test of narratives that underpin the asset's value.
The market cap of gold-backed tokens has surged 30-fold since the start of 2020, according to one research firm.
The analyst noted both bitcoin and copper behave as “risk-on” inflation hedges, while gold is viewed as a haven.
Stocks drop on lingering inflation scare. Bitcoin fails to draw hedging bids.