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

Bitcoin suffered its biggest drop in more than a month, falling as much as 6% at one point and 3.5% in 24 hours. It was the worst start to October, the most bullish month in Bitcoin's history, traders at Presto Research wrote in a report on Wednesday. "October is historically a strong month for Bitcoin, with only two of the past 11 years falling," Presto said, noting that gold had outperformed 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 difference 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 not much room left 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)