Gold Outshines Bitcoin in Latest Market Volatility

[Galaxy]

Wild price swings and increased regulatory scrutiny prove a bad mix for BTC. Savage one-day price swings of over 30%, and the prospect of more critical regulatory scrutiny, mean the shine is coming off Bitcoin’s claims to rival gold as a store of value.

Bitcoin’s potential to be a better portfolio hedge than gold has been bolstered by its performance in the past year. It’s outshone other assets throughout 2020 and much of this year. But events of the past week—which have included Elon Musk criticizing Bitcoin’s energy. Source