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

Odaily News Bitcoin suffered its biggest drop in more than a month, falling as much as 6% at one point, and was down 3.5% in 24 hours. Traders at Presto Research wrote in a report on Wednesday that this was the worst start to October, the most bullish month in Bitcoin's history. "Historically, October is a strong month for Bitcoin, with only two of the past 11 years falling," Presto said, noting that gold had performed well in the past 24 hours. “Last night’s price action in bitcoin following the May Iran attacks (bitcoin down 4%, gold up 0.8%) is puzzling, especially given BlackRock’s recent positioning of bitcoin as a gold-like safe-haven asset,” researchers led by Peter Chung wrote. “The reality is that the divergence in the two assets’ short-term price action 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 (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)