MarketWatch used to choose up my posts on uncommon event however has not carried out so for a very long time. Perhaps they assume I make enjoyable of a few of their articles or one thing. I don’t know what would give them that concept. I really discover MarketWatch helpful in ironic and non-ironic methods.
However anyway, this morning an article tags together with the current near-deafening Bitcoin noise…
6 causes are given for Bitcoin’s re-found recognition. They’re the same old pap, together with a Greenback/Gold rationalization.
“Bitcoin as a type of digital gold can also be seeing its time within the solar as we see the floodgates open on financial coverage. Closing the sluice gate is tougher than opening it,” Charles Hayter, founder and CEO of CryptoCompare, an organization engaged in bitcoin information and analytics, advised MarketWatch.
Bitcoin is just not a type of digital gold. That is likely one of the zaniest issues I’ve ever seen in print. I’m admittedly an quaint gold valuing curmudgeon. However in my view, Bitcoin is a digital idea; one which I believe might be managed or co-opted by governments extra readily than the gold buried within the woods behind some crusty previous bug’s shack (besides, the digital children will not be guarding their hoards with bodily shotguns, simply possibly digital hacks or viruses).
1 Purpose Why
It was time. Bitcoin is having its technical day within the solar and solely this week hit the goal NFTRH has had for it since early 2020. As a consequence of nutty rationale just like the above and the burden of momentum-fueled cash beginning to pile in, to not point out an overbought studying on this weekly chart, I believe it could actually pull again right here. Presumably to assist on the 12500-13500 degree.
However although I’d initially thought it might be a post-bubble bear market bounce (A-B-C inserted right here for impact), the upper low at B would point out an intact and main bull market if C ticks above the 2017 excessive of 19870.62.
I took the revenue on half of my GBTC position, eradicating a lot of the authentic funding. It appeared like a logical factor to do till BTC/USD decides between A-B-C or main bull market.
In the meantime, for we quaint gold bugs, a wholesome course of is taking part in out as a result of gold is now releasing the hordes of financial refugees that knee-jerked aboard earlier within the very troubled yr of 2020. Gold has been valued by people for hundreds of years. It’ll be positive, no matter what Bitcoin does.
Examine again to see my subsequent publish!
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