Crypto analyst Jamie Coutts predicts that gold will significantly underperform cryptocurrency in the current market cycle. Coutts says cryptocurrency will lead to the “birth of a new asset class” and will significantly eclipse gold. Coutts compares Bitcoin and cryptocurrencies to the stock market boom of the early 1980s and argues that millennials can outperform inflation with crypto. Here are the details…
Analyst commented on cryptocurrencies: Compared to gold
Crypto analyst Jamie Coutts says gold will significantly underperform crypto assets in the current market cycle. Coutts says on social media platform The analyst says:
AUM (assets under management) for crypto exchange traded products (ETPs) is approximately $100 billion (80% Bitcoin). AUM for gold ETPs is approximately $190 billion. I am bullish on gold, but it will not match the 2-3x that crypto is expected to achieve this cycle. This is the birth of the new asset class.
Comparison between 1982 and 2009
Coutts compares Bitcoin (BTC) and cryptocurrencies to the stock market boom of the early 1980s. According to the analyst, millennials will be able to outperform inflation with crypto, just as baby boomers have done with stock investments over the past 40 years.
What 1982 was for the Boomer generation, 2009 is for the Y generation. The great secular bull market in stocks began as Boomers fully entered the workforce. The great secular bull market in Bitcoin (and blockchain assets in general) began with millennials entering the workforce at a time when governments and the boomers they represent decided to punish all subsequent generations for their own sins.
No one was penalized for the GFC (Great Financial Crisis) – bonuses were honored – and the regulatory takeover of industry (where banks, big food, big pharma and big tech were too big to fail) got worse. The government has decided that the way forward is debt and debasement rather than restraint and decency.
Bitcoin is a tailor-made antidote to the age of adulteration and debt; a new form of hard money synthesized with technology, finally a fair and transparent financial network. Moreover, it is an asset that can be entrusted to itself, from banks and governments that will seize it when needed, as it has done throughout history and continues to do so today through inflation.
Latest situation in Bitcoin price
Meanwhile, Bitcoin’s weekend price movements were somewhat underwhelming as the asset calmed down just above $64,000 following the previous week’s volatility. Altcoins are also generally less volatile today, with a few exceptions like Dogecoin, which is up around 7%. The last business week started on an extremely negative note for BTC, which recouped most of the losses at the end of the previous one.
The asset remained at $69,000 on Monday but quickly fell five thousand. On Tuesday, even more declines were seen as BTC fell below $61,000, a two-week low. This was mainly due to some investors making profits and the uncertainty regarding the FOMC meeting to be held later on the same day.
When the US Federal Reserve said it would not deviate from its current monetary strategy, Bitcoin jumped on the offensive, immediately jumping 4% and rising above $68,000 on Wednesday morning. However, this rise was short-lived and BTC began to lose value over the next few days. BTC is currently trading at $64,000 after failing to surpass $66,000 yesterday. Its market capitalization is stable at $1.260 trillion and its dominance is just over 49%.
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