Gold closed at 1,242.5
The gold bitcoin spread has narrowed to amazingly only USD $6.5 from more that $1k just a few months back
While this may look like a bitcoin to gold rotation, this has not been clear.
There has been an ongoing fascinating impassioned debate (especially in the Austrian school of economics) on bitcoin as money and as investment.
For me since bitcoin is a product of the spontaneous market process and of the information age, whose present role appears to be as an "alternative currency", the markets will ultimately determine bitcoin’s viability and potential role as medium of exchange, in spite of intervention from various governments. Perhaps even a gold-bitcoin tie up could emerge.
As I have been saying the information age will deliver decentralized products, and services (even new financial services such as payment and settlement methods) that will immensely alter the way we do things. This is part of the manifold revolutionary innovations brought about by rapid advances in technology which will be met intuitively by resistance to change.
Incidentally, Bitcoin seems to have the first mover advantage of the dramatically growing world of cryptocurrencies. It remains unclear how bitcoin will fare against competition over the long run.
As I have been saying the information age will deliver decentralized products, and services (even new financial services such as payment and settlement methods) that will immensely alter the way we do things. This is part of the manifold revolutionary innovations brought about by rapid advances in technology which will be met intuitively by resistance to change.
Incidentally, Bitcoin seems to have the first mover advantage of the dramatically growing world of cryptocurrencies. It remains unclear how bitcoin will fare against competition over the long run.
But even if I had a bitcoin wallet today, I wouldn’t be buying bitcoin at current prices. Looks like the easy money policy yield chasing induced wild speculation has spread to bitcoin.
