📊 Bitcoin Outperforms Central Bank's Gold Buying Frenzy!

Central banks worldwide are in a gold-buying frenzy, acquiring a record 483 tonnes in the first half of 2024, marking the highest level ever recorded. This unprecedented surge in gold purchases—5% more than the previous record set in 2023—highlights a significant shift towards traditional store-of-value assets.

In the second quarter of 2024 alone, central banks bought 183 tonnes of gold, a 6% year-over-year increase. Leading the pack were the National Bank of Poland, the Reserve Bank of India, and the Central Bank of Turkey. Notably, Adam Glapinski, the president of Poland's central bank, stated intentions to keep buying gold, aiming for it to comprise 20% of the country's reserves.

Spencer Hakimian, founder of Tolou Capital Management, noted that countries like China, India, Russia, and Saudi Arabia are moving away from Western reserve assets, favoring gold as a “neutral and non-volatile reserve asset.” Meanwhile, Kim Dotcom speculated that a new gold-backed stablecoin from the BRICS nations could further diminish reliance on the U.S. dollar, predicting that global trade in USD could decline significantly by 2030.

While gold has experienced an impressive run, climbing 23% year-to-date and reaching an all-time high of $2,525 per ounce on Aug. 27, Bitcoin has quietly outperformed. Despite a 22% drop from its March peak, Bitcoin has surged 37% in 2024, outstripping both gold and the S&P 500, which posted an 18% gain.

Do you think Bitcoin will be the NEW gold standard?

Follow @Professor Mende - Bonuz Ecosystem Founder for more!

#bitcoin #btc #bitcoinpricealert #bitcoinnews #cryptonews  $BTC