Bitcoin-Gold Correlation Hits Six-Year High as Debasement Fears Mount
Bitcoin Magazine Bitcoin-Gold Correlation Hits Six-Year High as Debasement Fears Mount Bitcoin is trading with gold — something it does when investors lose confidence in the dollar. This post Bitcoin-Gold Correlation Hits Six-Year High as Debasement Fears Mount first appeared on Bitcoin Magazine a
Source: Bitcoin Magazine
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DW NOTE
The correlation is real, but the framing is backward. Bitcoin isn't trading with gold because investors suddenly discovered debasement — the US has been running $1.4 trillion deficits and the debt ceiling just hit $41.1 trillion. Bitcoin is trading with gold because the Strait of Hormuz has been blocked for 188 days, oil supply is down 8 mb/d, and every hard asset looks better than holding dollars through a supply shock the Fed can't print its way out of.