Monero (XMR), in the last 30 days, gained 8.18%, but it lost 3.2% in the last seven days. This volatility and the uncertainty of crypto and fiat currencies in general have prompted legendary trader Peter Brandt to drop a new perspective on benchmarking assets against gold.
Is Monero bearish against gold?
In a post on X, Brandt insisted, “Everything needs to be charted against Gold. Monero/Gold is just crazy.”
Brandt noted that despite Monero’s more than 8% growth in the last 30 days and potential, when compared with gold, it is actually underperforming. He believes that all crypto assets should be compared against gold instead of U.S. dollars, as fiat also loses value over time.
The trader emphasized that gold remains the ultimate benchmark for enduring value. The goal is to help investors understand the true value of an asset and allocate funds accordingly.
Interestingly, gold is currently outperforming Bitcoin so far this year, and Anthony Pompliano’s attempt to ignore this has been met with backlash from the gold community.
As of press time, Monero is changing hands at $308.65, a 0.25% decline in the last 24 hours. The asset previously hit a peak of $314.98 before experiencing a slight slip to the current level. However, trading volume has stayed green, and it is up by 2.85% to $185.02 million within the same time frame.
The increasing volume and the asset’s ability to maintain the $304.78 support suggest that it could climb to higher levels if market participants engage it actively.
Meanwhile, Brandt’s view of the asset and other crypto coins has generated reactions from the online community. Notably, a trader with the user name TheMarketSniper believes that if Brandt looked at other assets, “he’d be forced to rush them out too.”
He is suggesting that other assets like Tron face a similar outlook when benchmarked against gold.
Debate over crypto diversification and store of value
However, others strongly disagree with Peter Brandt, who has never been enthusiastic about other cryptocurrencies aside from Bitcoin. Most market participants believe trading in Monero and other assets is strategic and a diversification of the portfolio.
They believe that it is also possible to stack both crypto assets and gold as an investment option. This aligns with the advice offered by Robert Kiyosaki, author of “Rich Dad Poor Dad,” in terms of investment considerations.
Kiyosaki had listed gold, silver, Bitcoin and Ethereum as his preferred assets and encouraged his followers to adopt a similar approach in diversifying their portfolio.
Source: https://u.today/monero-xmr-against-gold-peter-brandt-issues-unexpected-verdict
