Investors Dumping Gold For Bitcoin?
According to analysts in a recent interview on CNBC, investors are accumulating gold in favor of Bitcoin. One of these, Philip Strategy of RJO Futures boldly said that "Bitcoin has stolen a large part of the gold market".
Explains how these changes are being seen, Larry MacDonald of the Bear Network Report said that, when bond yields decrease, there is an increase in gold, however, in recent weeks, Bond yields declined And gold has dropped by two percent at the same time - a very rare event.
Analysts believe that change is the result of increasing investment among other crypto-currencies in beeticone. According to McDonald's:
"In the last two years, whenever rates have come down, and this week's rate has declined, gold has increased and almost every time there is a 82% correlation between gold and bond, this correlation has broken, and I think there is something with bitcoin. "
While the price of gold has traditionally been steady, the recent decline suggests that the investment pool has started moving towards cryptocurrency. In fact, according to McDonalds, the total market capitalization of all cryptocurrency as a fraction of trading liquid gold has been two or three percent before the previous year, indicating that "cryptocurrencys are definitely playing