Bitcoin has been often called “digital gold” all final yr, as a result of the digital foreign money was at its peak in the course of the COVID-19 pandemic, when the world economic system was in turmoil. The cryptocurrency attained a market cap of round $1 trillion in early 2021 and is instantly in comparison with gold as a rival. However then, the market crashed and in Might this yr its value got here right down to the two-month outdated value.
In line with CoinMarketCap, the value of bitcoin in India was barely greater than $29,300 (Rs 21.38 lakh) on January 1 this yr. On the time of penning this report, it was buying and selling at round $37,600 (Rs 27.44 lakh), which was an increase of virtually 30 per cent regardless of the market droop.
On the identical time, on June 3, the value of gold within the worldwide market was $ 1,904.36 (about Rs 1.39 lakh) per ounce (31 grams). On Tuesday (June 1), the value of gold had reached its highest stage since January 8 at $ 1,916.40 (about Rs 1.39 lakh). In line with goldprice.org, between January 1 and June 4, the value of gold was steady at round $1,893.66 (about Rs 1.38 lakh) per ounce.
For those who had invested Rs 10,000 in every of the 2 on January 1, your bitcoin funding would have grown 30 p.c to Rs 13,000 in the present day, however your funding in gold would have remained largely the identical.
Let us take a look at this to make it extra enjoyable. For those who had invested Rs 10,000 within the mime foreign money Dodgecoin on 1st January, your funding would have elevated 100x in the present day, on 4th June. In line with CoinMarketCap, the value of Dogecoin in India elevated from $0.004 (roughly Rs.0.30) on January 1 to $0.39 (roughly Rs.28) on June 4.
Nevertheless, the current volatility within the cryptocurrency market reveals that regardless of how a lot returns bitcoin and dodgecoin give, gold is extra steady than cryptocurrencies and is subsequently thought of a secure funding. Nevertheless, it’s tough to return out of the talk on this situation.