Despite optimistic predictions, Bitcoin is facing difficulties crossing the $60,000 mark. This raises concerns, especially as central banks show growing interest in gold.
Bitcoin on the edge
Bitcoin has remained intriguing this year, oscillating **near $60,000** without being able to cross this critical threshold. Since its peak in March, the value of **bitcoin has dropped by 22%**, leaving investors wondering if it will ever resume its upward march. It is even estimated that [the September storm is approaching](https://www.cointribune.com/en/bitcoin-the-september-storm-is-coming/) for the queen of cryptos. Despite the negative forecasts, the popularity of cryptocurrency remains high.
Central banks and gold
While Bitcoin falters, [central banks are rushing to gold](https://x.com/KobeissiLetter/status/1830305336365875205). **In the first half of 2024, they bought a record 483 tons** of this precious metal, surpassing the previous record of 2023. > BREAKING: Global net gold purchases by central banks reached 483 tonnes in the first half of 2024, the most on record. > This is 5% higher than the previous record of 460 tonnes set in the first half of 2023. > In Q2 2024, central banks bought 183 tonnes of gold, marking a 6%… > > — The Kobeissi Letter (@KobeissiLetter) [September 1, 2024](https://twitter.com/KobeissiLetter/status/1830305336365875205?ref_src=twsrc%5Etfw)
Experts' conclusions
The choice of gold, perceived as **a neutral and stable asset**, reflects growing distrust of traditional reserve assets, particularly those in dollars. Nations like **Poland, India, and Turkey** are massively increasing their gold reserves, following a global trend. As [Spencer Hakimian](https://x.com/SpencerHakimian/status/1830306121518608619) points out, “*mistrust of Western assets*” is driving these countries to turn to gold, a non-volatile and neutral asset. Gold, with its **23% increase in 2024**, becomes the fallback solution in the face of growing uncertainty in global markets. Bitcoin remains on the sidelines of central bank strategies.
Bitcoin remains a sought-after asset despite its price drop. Central banks continue to bet on gold, raising questions about the future of the crypto market. Experts are divided: a significant decline or a sudden recovery of Bitcoin's value lies ahead.
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