Bitcoin (BTC) is now worth more in gold than at any time in its history as the largest cryptocurrency passes $50,000.
Data noted by markets commentator Holger Zschaepitz on Feb. 17 confirms that one ounce of gold now buys just 0.0352 BTC.
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Since hitting new all-time highs on Wednesday, the price of gold in Bitcoin terms became even cheaper, with one ounce costing $1,794 or 0.0349 BTC at the time of writing.
“Bitcoin is eating gold in one chart!” Zschaepitz declared in comments.
Gold priced in Bitcoin. Source: Holger Zschaepitz/ Twitter/ Bloomberg
Responding, analytics account Ecoinometrics added that gold’s underperformance versus Bitcoin simply increases if longer timeframes are taken into account.
Bitcoin’s one-year risk-adjusted returns had topped 270%, compared to 24% for gold as of Dec. 28, 2020. Four-year returns contain an even starker contrast, with 2,675% versus 64% for Bitcoin and gold, respectively.
“When looking at Bitcoin vs. gold don’t zoom out too much