Bitcoin (BTC) has reached a new all-time high in euros, highlighting a major breakout that has investors and analysts eyeing gold as the next milestone for the world’s leading cryptocurrency. With BTC prices surging in major fiat currencies, Bitcoin’s journey toward universal price discovery continues to gather pace.

Bitcoin Breaks All-Time High in Euro, Eyes Set on Gold

Data from Cryptonews Markets Pro and TradingView confirmed that on October 29, Bitcoin hit a historic peak of €67,987 on Binance. With the euro and other major currencies like the Australian and Canadian dollars dropping to record lows against BTC, Bitcoin is proving resilient amidst global fiat fluctuations.

According to Tuur Demeester, a seasoned analyst, “The 350 million citizens of the eurozone just experienced a new all-time high for Bitcoin.” Demeester’s commentary highlights a significant moment as BTC has overcome a price ceiling set in March, marking a nearly eight-month period of consolidation before this new breakout.

BTC price sets 68K euro all-time high

Bitcoin has reached an all-time high in euro as the latest BTC price breakout gathers speed. Data from Cointelegraph Markets Pro and TradingView confirms that on Oct. 29, BTC/EUR hit a historic peak of 67,987 euro on Binance.

Global Fiat Currencies Hit All-Time Lows Against Bitcoin

In addition to the euro, several other major currencies have reached all-time lows when measured in Bitcoin, reinforcing BTC’s reputation as a hedge against fiat currency depreciation. Notably, the Australian dollar, Canadian dollar, and Turkish lira are also at record lows against BTC, while BTC/USD is nearing another crucial price threshold.

This euro milestone comes amid growing European Central Bank (ECB) criticism of Bitcoin. Recently, the ECB published a paper suggesting that early Bitcoin adopters “steal” economic value from later investors, sparking backlash within the crypto community. Demeester labeled the report a “declaration of war,” as the ECB doubled down on its disapproval of cryptocurrencies, despite Bitcoin’s growing popularity in the eurozone.

Bitcoin Still Short of All-Time High Against Gold

While Bitcoin has secured all-time highs against the euro and several other fiat currencies, BTC/USD remains below its 2021 peak, indicating a more extensive journey toward universal dominance. Veteran trader Peter Brandt highlighted Bitcoin’s challenge against gold by posting a BTC/XAU chart on social media, underscoring the cryptocurrency’s uphill battle against the precious metal.

“This is the heavyweight division in the battle against fiat depreciation,” Brandt commented, noting that Bitcoin’s recent gains against fiat currencies contrast with its yet-unachieved breakout versus gold. According to Brandt, BTC has made “no progress” on this front for 42 months, underscoring gold as the “next frontier” for Bitcoin bulls.

As Bitcoin’s price rises in major global markets, its long-term positioning against established safe havens like gold continues to fuel anticipation among investors. While BTC’s euro breakout marks a new milestone, the challenge of matching gold’s stability and legacy remains a priority for Bitcoin’s advocates.

Bitcoin and Gold: The Digital vs. Physical Store of Value

Gold has long been considered the ultimate store of value, celebrated for its scarcity, resilience, and historical acceptance as a safeguard against inflation. However, Bitcoin, often referred to as “digital gold,” shares several characteristics with the precious metal. With a finite supply capped at 21 million coins, Bitcoin’s scarcity gives it a unique value proposition, similar to gold.

As Bitcoin reaches new ATHs against the euro, its status as a store of value is being more seriously considered by institutional investors. While gold’s value and stability stem from thousands of years of use, Bitcoin’s appeal lies in its decentralization, digital portability, and potential for future growth. Unlike gold, which is bulky and costly to store, Bitcoin can be stored and transferred digitally, providing advantages in an increasingly digital world.