Report: Bitcoin and gold started October with different performances, reflecting their different stages of maturity as safe-haven assets

Odaily Planet Daily News Bitcoin has experienced its biggest drop in more than a month, with a drop of 6% at one point and a 24-hour drop of 3.5%. Traders at Presto Research wrote in a report on Wednesday that this is the worst start to October, the most bullish month in Bitcoin's history. Presto said: "Historically, October is a strong month for Bitcoin, with only two years falling in the past 11 years." It pointed out that gold has performed well in the past 24 hours.

“The price action of Bitcoin last night following the Iranian attacks in May (BTC down 4%, gold up 0.8%) is puzzling, especially given BlackRock’s recent positioning of Bitcoin as a safe haven asset similar to gold,” the researchers, led by Peter Chung, wrote. “The reality is that the divergence in the short-term price action of the two assets reflects their different stages of maturity.” The report added: “Gold is a much more mature asset, with a 5,000-year history as a store of value, so there is less room for incremental network effects. Bitcoin, on the other hand, has the same properties as gold that make it a good store of value (and in many cases better), but is only 15 years old. This means it is in the early stages of mainstream adoption and its narrative remains poorly understood.” (CoinDesk)