First, happy late New Year, guys. To kick the year off, I sat down with my fellow traders to settle a big debate: Bitcoin vs. gold.
Bitcoin-USD (BTC-USD) is the leader in the world of cryptocurrencies. The virtual currency has seen a lot of press lately with the announcement that PayPal Holdings Inc. (Nasdaq: PYPL) will allow users to purchase items with Bitcoin.
But how does it compare to gold? Can it settle the ongoing Bitcoin vs. gold debate?
Gold prices soared the first trading day of 2021, clearing $1,900… WealthPress Head Trader Roger Scott said to keep an eye on the $1,970 level. It could signal a breakout.
As you know, Roger and I were bullish on gold for a good portion of 2020. We’re still not ready to write it off.
Bitcoin saw success over the holidays, rising 10% while the market wasn’t even open.
Is Bitcoin vs. Gold Really a Debate?
Bitcoin is slowly becoming an accepted form of currency. PayPal is just the first company to take the plunge, but more will follow. Roger Scott thought that Amazon.com Inc. (Nasdaq: AMZN) would be the first to integrate Bitcoin, although there are now rumors that Amazon may make its own cryptocurrency.
If you’re familiar with my “Buy It and Burn It” segments, you know that I like to short and long two related stocks.
I’ll be honest, that’s not the case with Bitcoin vs. gold.
At this point in time, I wouldn’t use these two investments as a pairs trade. Especially this early in Bitcoin’s life.
There is a potential long-term value to Bitcoin. There’s also a lot of history in gold.
So, what do the WealthPress experts think?
Check out our Monday morning roundtable below to get our thoughts on the new year, cryptocurrencies and, of course, Bitcoin vs. gold.
P.S. Last year, 10-time trading champion Chuck Hughes took a $4,600 starter account and turned it into $67,268.
This same strategy gave Chuck’s readers the chance to go 20 years without posting a single down year.
It was clear to us that Chuck had managed to crack the stock market code — and we wanted to learn his secret. So WealthPress Head Trader Roger Scott sat down with him for an exclusive interview and asked him to reveal his winning strategy…
And luckily, we got that conversation on tape.