Not only bitcoin but also the gold price is rising: here’s why

Although the bitcoin (BTC) price has taken a step back in recent days, the start of 2023 has been nothing short of excellent for the king of cryptocurrencies. It even hit $31,000 about a week ago, a level not seen since June of last year. Not only bitcoin is doing good business, gold is also having an excellent year. How come?

Have you not yet included gold in your portfolio? At GoldRepublic you will temporarily receive your first gram of gold worth 59 euros free.

Bitcoin and gold are rising fast

Few crypto investors will have missed the fact that bitcoin has risen sharply in recent months. However, gold moves in line with the bitcoin rate actually just up. What we see is that the correlation between the bitcoin price and the gold price is also enormous increasing is.

The reason for the increases and increasing correlation is actually very simple: this has everything to do with the banking crisis which really flared up a while back and very likely won’t be over anytime soon.

Large banks such as SVB and Signature collapsed suddenly and in quick succession. This caused panic in the market. After all, if your money isn’t safe even with a bank, what are you supposed to do to protect yourself financially?

Gold remains the one store of value

Investors looking for an answer to this question quickly came across two different assets. That was, of course, bitcoin and gold. For hundreds of years, gold has been the store of choice for investors looking to protect themselves from a variety of financial woes.

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Due to the banking crisis, the demand for gold has also increased. At the time of writing, the gold rate against the dollar is even hiccuping against a new one all time high On. A while ago, gold already reached this new all-time high against the euro.

It shows that investors still value gold as a way to protect your wealth. Be it against inflation, war, an economic crisis, or even all at once, gold holds the reputation as store of value excellent condition. That translates to the gold price that is almost higher than ever!

The Dutch GoldRepublic is now giving away an attractive gift of 1 gram of gold worth approximately 59 euros to all new customers. By simply one create an account with GoldRepublic and purchase gold, silver or platinum for a minimum amount of 100 euros, this gram of gold will automatically be added to your account

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