Everyone says Bitcoin can't be a safe haven because it tanked...
Well, everything tanked.
And I do mean that in the truest sense of "everything".
Gold initially had weathered the coronavirus fears but fell victim to them this last week, right along with bitcoin, stocks, oil, and just about everything else.
Bitcoin finished the week down roughly 50%, and gold finished the week down over 10%, with the biggest drops happening toward the end of the week.
The gold and bitcoin correlation appeared to be non-existent at the beginning of the year, but it recently showed they still very much correlated by the end of this last week:
(Source: https://cointelegraph.com/news/bitcoin-gold-are-doing-the-same-thing-in-coronavirus-crisis-pomp)
Gold 2.0 still in the cards...
Gold may not be as volatile as bitcoin, which it shouldn't be given it's history, but if it's a safe haven asset, then bitcoin is as well.
In a liquidity event like we saw last week where everything gets sold, both bitcoin and gold will go down.
In those instances, cash is king.
Perhaps someday, liquidity events will be good for bitcoin. Though, that would only be the case when/if bitcoin is widely used as a currency.
Stay informed my friends.
-Doc
I went "all in" every exchange I had available funds into BTC the evening of 3/12 at $4772. ish. Now I kick back and watch the show for time is my friend.
Nicely done. Unfortunately I spent my load at much higher prices a few days prior, before the really big dip.
Once again you point out the blatant tunnel-vision of the market. Bitcoin will never go 4 years without making huge gains imo. The gains are so monolithic we have to chart it on a logarithmic graph.
Of course we only have 11 years worth of data... but honestly I expect this COVID scare to bounce back in no time ($8000) with the halving approaching.
Posted via Steemleo
Everyone knows about gold, everyone who wants gold can get gold. Its everywhere, its ubiquitous.
Bitcoin isn't even to 1% usage yet.
i think we are at 3% of people who know what a wallet is.
When we see bitcoin being as ubiquitous as gold, it will be the new gold standard. Maybe so much so that gold isn't used as a store of value any more.
Whatever has collapsed, Bitcoin, stock market, gold and palladium
Good post