Why Gold Bugs Still Don’t Dig Bitcoin
A theory explaining an ongoing blind spot
I was lazily perusing some of my favorite charts this morning (which, as an analyst, is not uncommon) and happened across a gold price chart from the rather appropriately named goldprice.org website.
Now, it’s true that most of my work is on Bitcoin, but there are some significant similarities between the flagship cryptocurrency and the yellow metal, so this is a chart I refer to from time to time (in conjunction with others) to get a broad view of what’s happening at a top level.
What was striking about this morning’s chart was just how significant the recent pull back had been at a time when almost all assets had risen. In fact, it took the price back to the same level it was at on July 22 — a date that now seems like a point in ancient history when you consider what has happened since.
Over the exact same period, the bitcoin price has risen by approximately 58.47% to reach today’s dollar value of approximately $15,400 at the time of this writing.
What struck me is how unlikely that scenario would have been any time prior to this date, and…
