The value of all mined Bitcoin is higher than the value of the world’s silver stockpile after the digital currency on Monday continued its rally that has seen prices increase 30% in less than a week.
According to online estimates, the market capitalization of silver is $1.71 trillion, compared to $1.72 trillion for bitcoin. Gold’s market capitalization is believed to be more than $17 trillion.
A Trump victory pushes Bitcoin higher
U.S. President-elect Donald Trump ran on a platform to embrace digital currency, a talking point advanced by Tesla CEO and SpaceX founder Elon Musk, who helped campaign for the former president.
Trump told supporters on the campaign trail that he will “make America the world capital of crypto and Bitcoin,” while his opponent, Kamala Harris, spoke less favorably of the currency.
Gold prices continued downward on Tuesday and have surrendered $130 an ounce since the results of the U.S. election became known Wednesday morning. Prices Tuesday morning hovered just above $2,600 an ounce, which numerous strategists have suggested is a crucial support level.
Silver has also experienced significant losses over the past week, losing about $1.50 an ounce in spot price. The white metal traded in the $30.50 range during early Tuesday trading.
A promised end to political tensions
Gold prices have performed well since the 2022 invasion of Ukraine by Russia and the ongoing tensions and conflict related to the Oct. 7 attack on Israel that involves Hezbollah, Hamas and Iran.
Trump, while campaigning, made the promise to the American public that he could end the Russian war in a single day and said he expects to have direct talks with Russian President Vladimir Putin.
Aside from the apparent rotation of money from gold into Bitcoin, these comments are likely fueling investors’ decisions to move away from precious metals in the short term.
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