Continuing Gold Price Decline Shows How Bitcoin Is Far Different

Over the past few years, Bitcoin has often been compared to gold, as both forms of wealth allegedly rely on scarcity to make them inherently valuable. Additionally, both Bitcoin and gold are generated through a process called ‘mining’, albeit both currencies take a different approach to completing this process. Now that the gold price keeps plummeting, that comparison to Bitcoin seems no longer valid, as the digital currency has been relatively stable all year.
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Six-Year Price Low For Gold Is In Sight
Even though the price per ounce of gold is still well above US$1,000, there seems to be less and less interest from investors to acquire the precious metal. In fact, the gold price is getting close to its lowest price point over the past six years. That lowest price point was US$1,045 per ounce, whereas we are now sitting around the US$1,050 mark.
In most cases, there would be a surge in gold being bought by investors whenever they are nervous. Usually, this trend occurs every year as we get closer to the Holiday season. But for some reason, this trend has not [yet] continued this year, and people are more willing to sell gold than buying it right now.

This post was published at Bitcoinist on 2015/11/29.