BTC/USD 1-hour candle chart . Source: TradingViewEven gold bugs, traditionally far from allies of Bitcoin, are eyeing a new halcyon era for the metal’s own fortunes.Alasdair Macleod, head of research at Goldmoney, this week brought geopolitics to the fore in his forecast, predicting a major uptick in gold-based trade in Russia, China and across Asia.
“Russia will not make formal announcements about gold standards, because there is no need. Nor will China: instead it might reveal an increase in gold reserves,” part of a Goldmoneyit with gold as money from December flatly predicting that the latter would win out in a crisis. “To affirm its status as money, bitcoin will have to obey the laws of time preference. In other words, its current relationship with interest rates must change, so that rising interest rates reflecting fiat currencies’ loss of their purchasing power should become reflected in rising values for bitcoin,” he wrote.
“We will not try to guess this future. But we can say confidently that if the debasement of currencies accelerates, gold’s relative value will increase accordingly while that of bitcoin might not.” Other popular commentators have been more complimentary, with Mike McGlone, senior macro strategist at Bloomberg Intelligence, frequentlyThe views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
I'm convinced that bitcoin maxis shillers that own this account.
TechDev_52 IMO, BTC should properly be at around 100X the price of gold or, maybe, this chart:
TechDev_52 First BTC is better than gold. Now it needs gold to go up to 50k. What a clown show.
TechDev_52
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