Hedge Funds Abandon Gold To Chase Bitcoin
Content adapted from this Zerohedge.com article : Source
Since the beginning of December, gold and bitcoin have drastically diverged.
For the first 11 months of this year, gold and bitcoin were largely positively correlated (albeit low at 0.25). That changed at the start of December...
As it seems gold's relative tranquility was shunned in favor of Bitcoin's chaos...
And hedge fund managers dumping their gold positions and, as the chart below shows, piling into digital gold...
Who knows how long this regime shift will last, but we do note that Gold/Bitcoin is at a critical level of overbought-ness once again...
Gold goes through long stretches of not doing anything, it's value seeming to waver only slightly and at the moment it is way down from its high point, ( in fact silver has twice overtaken gold as being worth more since the 1970's)
Gold is history while cryptocurrency is the future - we need to stop living in the past and move to the future
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I said this all along...btc would take from gold.
Why would anyone believe that a physical object was going to remain the store of value when we are entering into a digital world. Ten years from now, most of our lives will be in the digital arena. The largest companies in the world today are not the ones with the most physical assets, in fact they have relatively few compared to other companies. Instead, it is their ecosystem and algorithms that have the valie.
I do not see the store of value being any different. Ultimately, we will see bitcoin take at least 50% of the gold market away.
$600 Billion maketcap !
Were going to smash 1 trillion very soon
looking at 3day and weekly charts on #altcoins you can see that this is just getting started - LOTS of % gain coming
2018 is going to be 🔥
What is your prediction for the market capnof crypro in the end of 2018?
Mine was $1.5T....I think it will pass $2T.
I think it will be in the 1 to 2.5 T range. I made a bet with a collegue of mine. He said <3T , i took the under 3 T :)
$3T by the end of 2018...that could be tough but hey, never say never.
The way things stand now, $2T-$2.5T is probably a good range to guess.
We were at $250B at Thanksgiving...
It is amazing $350B in less than a month...
Wall Street is here...
This is going to bite them in the rear. Selling "insurance" to by tech will juice your profits while things are going well. When the s#!t hits the fan - Gold will outperform on the day you need it most
It is happening and this is just the beginning. Crypto is coming to life!
Great post!
Absolutely! Although we cannot be sure that people dumping gold are necessarily buying btc. If you see the markets around the world, they have tha same charts as btc - only up!
Gold is old school. We will be using it for ship anchors in 10 years.
i think after bitcoin reaches its full potential..... people will start shifting to low cap alt coins and i think they will go fr currencies like dash zcash ltc other than developer platform currencies making these currencies gud long term investments....thr is also chance of loosing sm money if we invest now
Took them long enough...
Wow hedge funds abandoning gold, that's pretty serious