Bitcoin Gains Ground on Gold as One Coin Buys More Than 18 Ounces

Bitcoin has strengthened against gold, with one bitcoin now purchasing slightly more than 18 ounces of the precious metal, according to CoinDesk. That marks the highest level for the bitcoin-to-gold ratio since January. The move comes as both assets rally as hard-asset demand remains supported by concerns that governments may allow inflation to reduce the real burden of their debt. The latest performance indicates that bitcoin is advancing faster than gold in relative terms, rather than moving in opposite directions. CoinDesk said the joint rally is being driven by debt-inflation fears instead of bond yields. Bitcoin and spot gold are among the market assets relevant to this comparison, while the ratio offers a way to track bitcoin’s value against a traditional store of value. The report does not provide a specific bitcoin price, gold price or forecast for either asset.