I've always seen Bitcoin to be a curious commodity. I was certainly interested at the start, but have subsequently exited and taken a BEARish view.
I'm highly sceptical of Bitcoin having a reliable correlation to Gold
Gold holds value because its a physical object that people prize. Cryptocurrency is a great solution to reduce the costs associated with fiat money.
If there is a correlation between the two, I suspect it is for their status as alternative store of value. However, gold has been bought and sold for millennia while Bitcoin is new and largely bought up by people seeking a get rich experience.
Bitcoin has no distinguishable value over any of the other coins, aside from the fact it was first and its been used primarily by criminal enterprise to evade authorities. Don't get me wrong, was a fun ride to get in and make some easy money as every man and his taxi driver bought in. However, it'll never be more than a gimmick currency.
I'm sure Bitcoin will crack $10k USD again but it's original boom was largely supported by a growing global economy that had low unemployment, low interest rates and high spirits. We still have low interest rates, but we now have high unemployment, expected global recession and 50/50 spirits which will stoop into an average -ve outlook within the next 1-2 months.
Happy to be proven wrong - but any correlation between Bitcoin and Gold will be short-lived. I mean no animosity and GLTAH
