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0:00:00 Gold Beats Bitcoin ahead of Central Bank Confabs
0:00:04 This update is brought to you by “CoinCheckup News Updates” and was originally published on “NewsBTC”.
0:00:10 Gold looked stronger than its digital rival Bitcoin on Wednesday as investors awaited the outcomes of a string of central bank meetings.
0:00:17 The spot gold rate climbed 0.49 percent in early European trading session to trade at $1,492.68 as anticipation of looser monetary policies indicated potential value-depreciation of fiat currencies.
0:00:33 Meanwhile, the BTC/USD instrument on Coinbase, which tracks bitcoin’s performance against the US dollar, plunged by 0.92 percent to $10,000. The move downside marked bitcoin’s fourth consecutive daily session in negative territory.
0:00:49 The intraday polarity in the bias of Gold and Bitcoin showed an uneasiness of investors towards putting money in the latter.
0:00:55 Morgan Creek Capital co-founder & partner Anthony Pompliano in June projected monetary easing policies as breeding grounds for bitcoin bulls, stating that a drop in the value of fiat currencies would create demand for non-sovereign assets/currencies like bitcoin.
0:01:11 Meanwhile, noted economist Alex Krüger had indicated that only speculators – for now – would drive the price of bitcoin higher, not institutional investors.
0:01:20 European Central Bank President Mario Draghi just I hinted at new interest rate cuts and more QE.
0:01:26 Add in the May 2020 Bitcoin halving and you have the perfect storm.
0:01:30 Cut rates.Print money.Make BTC more scarce.
0:01:34 Long Bitcoin, Short the Bankers!
0:01:37 Hopes are high, nevertheless, as the European Central Bank expects to go ahead with a rate cut.
0:01:42 President Mario Draghi would further detail their plans for introducing a fresh wave of economic stimulus policies when he concludes the central bank meeting this Thursday.
0:01:52 Meanwhile, investors would keep their eyes open towards a similar confab in the US where the Federal Reserve would make up its mind on a 25 basis point rate cut.
0:02:01 Thanks for checking this video!
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