Bitcoin Loses Cachet in Its Challenge to Gold
(Bloomberg) -- The ratio of Bitcoin’s price relative to gold is down to the lowest since early February amid greater caution about speculative assets and the economic recovery from the pandemic. One Bitcoin is now equivalent to about 23 ounces of bullion, down from a record of 36 ounces in April. The largest virtual currency is also smarting after tycoon Elon Musk said Tesla Inc. would no longer accept it for payments over environmental risks from high energy usage.
©2021 Bloomberg L.P.