Will Bitcoin become ‘digital gold’ again by end of 2023?

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Last Updated on 6 November 2023 by CryptoTips.eu

With a halving looming (normally in the first half of 2024) and a possible approval of a Bitcoin ETF, it seems that the largest digital currency is once again seen as a ‘safe haven’, especially now that stock markets are struggling.

Will Bitcoin become ‘digital gold’ again by the end of this year and reach a value of $50,000 by New Year?

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Middle East

Stock market traders returned to gold after the conflict between Israel and Hamas flared up in early October. A fear of a spreading war in the Middle East has gripped markets.

Technology stock traders appear to have since returned to the so-called ‘digital gold’, Bitcoin, which had a very good month of October.

According to many analysts, there is increasing hope that the American stock exchange watchdog SEC will have to authorize a Bitcoin ETF in a few weeks or months at the most. If that happens before the end of the year, many Bitcoin fans expect a rally like they saw at the end of the year 2017 and 2020.

“As the broader stock market has struggled, Bitcoin has benefited and appreciated in value,” explained James Butterfill, head of research at CoinShares.

3 years

In addition, in the last three years, Bitcoin has always beaten gold in times of crisis. Both in war and during Covid, you got a greater return from Bitcoin as a safe haven than from gold.

“Since its inception, bitcoin has consistently outperformed gold,” Bernstein Research said this month in a memo.

“Over the last 3 years, gold has been flat, while bitcoin is up 150% (despite the 60% drawdown in 2022).”

Analysts calculated that an ETF approval in November or even early December would normally take Bitcoin price to $50,000.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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