Bitcoin and Gold Both Hitting All-Time Highs Are a Jarring Contrast for Markets
- Rally for defensive and speculative assets sends mixed signals
- New US ETFs support digital currency’s almost 50% gain in 2024
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Record highs for Bitcoin and gold are sending mixed messages about the appetite for risk across global markets.
The twin peaks for the cryptocurrency and the precious metal mark the first simultaneous records for the two since Bitcoin emerged from the shadows more than a decade ago. Yet markedly different drivers are typically thought to move each asset — gold has acted as a haven store of value for millennia, while any Bitcoin role beyond pure speculation is hotly contested.