Yes I remember the 2017 gold bubble very well, when an oz of gold increased by 2000% in a single year, in lockstep with bitcoin. Sadly gold then lost 90% value in 2018. Oh wait, no, none of that happened.
Bitcoin's price correlates to gold: when the price of one goes up, so does the other. The implication is that people are starting to think about Bitcoin the same way they think about gold. They aren't valued the same, but the same things make them valuable in the minds of more people.
Or at least, that's what I get from it.
Exactly and whilst it’s only a trend over the past 5 days, it indicates Bitcoin may be adopting safe haven status. If it is, Bitcoin should rocket in price when (not if) the stock market suffers a major correction and we potentially enter a recession.
Article reports correlation over the past 5 days, not long, but importantly this is an emerging trend and one the Wall Street Journal feels worthy to publish. In the past during small economic shocks we’ve seen money pulled from stocks and Bitcoin simultaneously and flow into cash or safe haven assets, like gold. We appear to now be seeing money pulled from stocks and shifting to both gold and Bitcoin. In other words, Bitcoin is gradually adopting a safe haven status in the minds of investors, as a Gold 2.0. Also keep in mind cash is increasingly a risky asset to hold due to Fed money printing and risk of inflation, plus gold markets are heavily manipulated with paper gold at a ratio of over 200:1, and hence gold prices are artificially prevented from rising significantly in price. Bitcoin is not so easily manipulated and in many opinions is considered an emerging safe haven asset that may indeed be near perfect (personal control, portability, anonymity, etc).
How the hell can anything that's gone from $16k to under $4k in a year be seen as a save haven, let alone "near perfect"? Knock it off. Your talking points are the typical lemming nonsense, and the hyperbole makes it even more laughable.
Evidence suggests it’s looking like Bitcoin is *BECOMING* a safe haven asset. Where did anyone state it has been so for the past 24 months? I was stating it’s been a good investment over that period, certainly safer than shares, and that’s the definition of a safe haven.
What f'ing evidence are you talking about? Shit tons of volatility? A misleading article that cites a correlation with gold that barely pre-dates Christmas 2018? You're proving my point far better than I can.
Wow cool, [https://www.portfoliovisualizer.com/asset-correlations](https://www.portfoliovisualizer.com/asset-correlations)
And you can do it for AMZN GLD GBTC and see how they all correlate or dont