• Bitcoin to be worth 100 oz of gold, says veteran trader Peter Brandt
• Brandt claimed that BTC’s price would fluctuate over the next 12-18 months before finally surging 230% against gold
• Since its inception, Bitcoin has been gaining ground against gold and finally overtook the precious metal in terms of price in 2017
Veteran trader Peter Brandt has made a bold prediction that the price of Bitcoin will surge dramatically against gold in the coming years.
Current Bitcoin vs Gold Price Ratio
The price ratio between Bitcoin and gold has fluctuated wildly over the years. In December 2017, it took around 155 ounces of gold to purchase 1 BTC when Bitcoin hit its peak price of $19,649 and gold was around $1,261 per ounce.
Brandt’s Prediction of 230x Increase
According to Brandt, the ratio will continue to fluctuate over the next 12-18 months before climbing to 100 ounces of gold per 1 BTC. This would represent an astounding 230x increase from current levels.
Historical Price Relationship
Looking back at price history shows Brandt’s prediction is ambitious but not unrealistic. Since its creation, Bitcoin has been gaining ground on gold and first surpassed it in 2017. Even during Bitcoin’s bear market in 2018-2019, it maintained higher prices than gold.
The 2020 bull run in gold was temporarily disrupted by the COVID-19 crash, but it hit new highs of $2,075 per ounce in August 2020. Bitcoin traded sideways at around $12,341 during the same period.
In 2022, both assets saw lackluster performance but rebounded in 2023. Gold hit an all-time high of $2,449 in May 2024 and is now around $2,320 per ounce. Bitcoin peaked at $74,000 and is currently around $67,210. The current ratio is about 29 ounces of gold per 1 BTC.
Closing Thoughts
While only time will tell if Brandt’s prediction of 100 ounces of gold per Bitcoin comes true, the historical data shows the assets’ price ratio can experience massive fluctuations. Bitcoin has already demonstrated an ability to rapidly outperform gold, lending credibility to such an aggressive forecast.
