Gold Plunges After Dow Records New High; Why Bitcoin May Rise
If you’ve followed the crypto news cycle at all over the past few months, you know of the narrative that “Bitcoin is digital gold.” In fact, Quant Fiction, a markets researcher, found that Twitter users identifying as being a “portfolio, fund, asset, or wealth manager”, have published 100% more tweets mentioning both “Bitcoin” and “risk-off”/”safe haven” than at the start of the year.
But, as aforementioned, Bitcoin has seemingly decoupled from gold, remaining effectively flat as the precious metal has seen its “worst week in two years,” according to this Bloomberg article. While those that put their belief in the “Bitcoin is a safe haven” narrative would have you believe the cryptocurrency will follow gold, a Bloomberg analyst recently wrote that the macroeconomic backdrop is proving a need for quasi-currencies, like BTC.
