Press Release Today TheBitTimes.com

Time and again, Bitcoin [BTC] has been compared to GOLD as they share several similarities. Both these assets have been noted to entail store-of-value characteristics. As skeptics continue to suggest that GOLD will remain a much more significant investment than BTC, the king coin surged to a high of $28,000 for the first time in months. Amidst this, the correlation between GOLD and Bitcoin was inching close to its highest level in over 5 years. #Gold breaks 2000, #Bitcoin at $28.5k, with a correlation of 84% approaching the highest correlation in over 5 years pic.twitter.com/BxlH4mi7XR — James V. Straten (@jimmyvs24) March 20, 2023 Bitcoin and GOLD ’s surge was attributed to the ongoing turmoil in the U.S. banking system. The downfall of centralized financial institutions prompted investors to explore other sectors. This correlation could certainly prove to be beneficial for the king coin. Investor confidence in Bitcoin as a store of value has historically bee...

In a recent interview with CNBC, Galaxy Digital founder, Michael Novogratz said that the U.S. is heading for a credit crunch. In light of that argument, he highlighted that it presents a great opportunity to buy into investments such as GOLD (XAU), silver (XAG), and Bitcoin (BTC). Novogratz stated during the interview, “We are going to have a credit crunch in the U.S. and globally […] You want to be long GOLD and silver […] and you want to be long Bitcoin.” Novogratz pointed out that since banks normally raise capital by making fewer loans, a credit crunch is imminent. Additionally, he emphasized that signs of a recession are already present, such as those in the commodities market. This month, the U.S. banking sector witnessed a new crisis when Silvergate Bank, Signature Bank, and Silicon Valley Bank (SVB) all failed within a single week. The outlook for the U.S. banking system was lowered by Moody’s to “negative.” Novogratz said a change in interest rate policy was ...