Bitcoin and gold broke new price records on the same day

On March 5, Bitcoin surged to a new all-time high, surpassing $69,200 for the first time in history. This historic moment coincided with gold reaching an all-time high on the same day.

According to TradingView data, spot gold broke its all-time high record at $2,130 around 1:30 pm UTC on March 5, exceeding its previous highs set in early December.

Bitcoin’s New All-Time High

Bitcoin reached the $69,210 price mark at 3:00 pm UTC, marking a new record more than two years after its previous high of $69,000 on Nov. 9, 2021.

This simultaneous achievement of all-time highs for Bitcoin and gold is a first since Bitcoin’s emergence in 2009, according to price charts.

Perception of Fiat Money

The community views these events as another blow to fiat currency, as both gold and Bitcoin are considered potential hedges against fiat currencies and inflation.

Analysts attribute the rally to expectations of lower interest rates in the future to manage sovereign debt loads. The geopolitical tensions and other economic factors also contribute to the interest in alternative assets.

Bitcoin’s Rally Factors

Bitcoin’s ongoing rally is fueled by excitement surrounding the upcoming quadrennial halving event and significant inflows into spot BTC exchange-traded funds in the United States.

Billionaire Shark Tank star Mark Cuban expresses more confidence in Bitcoin over gold, while prominent gold bull Peter Schiff disagrees, emphasizing the enduring value of gold.

Bitcoin is up 52% year-to-date, while spot gold has seen a more modest increase of around 2% since the beginning of January, according to data from CoinGecko.