The tension between Iran and Israel revealed the price differences between Bitcoin and gold.
Presto Research analysts said, “Historically, October is for Bitcoin “It’s been a strong month, with only two losses in the last 11 years,” he said. Analysts considered gold’s performance over the last 24 hours as a benchmark that shows the differences in maturity levels between gold and BTC.
The team at Presto Research wrote, “Price action in BTC following Iran attack (BTC -4%, gold +0.8%), especially considering BlackRock touted BTC as a hedging asset similar to gold confusing” he said.
Analysts said, “The truth is that the difference in short-term price movements of these two reflects their stage of maturity” he added.
“Gold is a much more mature asset with a 5,000-year history of storing value,” Presto said. So there isn’t much room for additional network effects anymore. BTC, on the other hand, shares the same characteristics that make gold a good store of value (better in many cases), but it is only 15 years old. “This shows that BTC is still in its early stages,” he said.