Precious metal Silver, is at its finest best this week. In spite of a glorious price run and hitting record highs since 2016, investors speculate over Silver vs Bitcoin market value as Bitcoin continues to steal the show.
Silver has had its best price week in the precious metal markets since 2016. However, traders still feel that Bitcoin is second to none. CNBC published a report that claims that silver is about to lose its luster as gold and Bitcoin scale new heights in the market.
On Jul 18, Silver ended its day’s run at the market by hitting a record high. Subsequently, its rival precious metal, gold, too hit an all-time high and scaled a six-year peak following a steady rise throughout the year.
Naturally, it has sparked the most talked-about debate in the history of investments. Who will bag the ultimate throne to the most desirable store of value asset? Is it the underdog – Silver, the metal that stood the test of time – Gold, or the one that has shattered all records – Bitcoin?
Is the Bitcoin the reason behind Silver’s dramatic finish at the market last week?
MD at the TJM Institutional Services and an avid futures and options trader, Jim Iuorio, says in an interview with CNBC that people should not mistake Silver’s bullish run as revived interests in the precious market industry. He ascertains that it is simply a time of time before the craze fades out.
Iuorio speculates that Silver has a history of catching up to gold once in a while. However, it gradually fades out. Fundamentally though, the trigger for its market success has been offered by Bitcoin price fluctuations.
According to him, Bitcoin’s price volatility is the reason behind the sparked interest in Silver. He vehemently remarks that the uncertain cryptocurrency price runs have led investors to look for more sturdy alternatives, and Silver is just one of them!
Bitcoin is the ultimate investment asset, asserts Stutland
Brian Stutland, a regular CNBC contributor, places his winning bet on Bitcoins despite all odds. Regardless of the Bitcoin market fluctuations and Silver’s new accomplishments, Stutland affirms that he would still place his money on Gold as a long term investment and make Bitcoins call the shots.
Stutland further went to comment that Bitcoin losing its grip at the markets can be owed to Republican and Democratic reps slamming Facebook’s Libra last week and the uncertainties hovering around the digital currencies in general.
That said, he surmises that if the economic situation in the US, Japan or Europe continues to plummet and the interest rates remain below two percent (2%), people will look for a better yielding investment – and that investment, is Bitcoin!