Investors Dumping Gold For Bitcoin?

Investors are dumping gold in favor of Bitcoin, according to analysts in a recent interview on CNBC. One of them, Phillip Streible of RJO Futures stated boldly that “Bitcoin has stolen a large market share of gold.”

To explain how they are tracking this shift, Larry McDonald of The Bear Traps Report, stated that generally when bond rates go down, gold goes up. However, in recent weeks, the yields on bonds have decreased, and gold has simultaneously dropped by two percent – an event that is

quite rare.

Analysts think the change is the result of increasing investments in Bitcoin, among other cryptocurrencies. According to McDonald:

“Over the last two years, every time rates have come down, and this week rates have moved lower, you had gold go up. Almost every time, there has been an 82 percent correlation between gold and bonds. This week, for the first time, that correlation broke down, and I do think it has something to do with Bitcoin.”

While the price of gold has been traditionally stable, the recent declines show the investment pool has begun moving into cryptocurrencies. In fact, according to McDonald, the total market cap of all cryptocurrencies as a fraction of liquid tradeable gold is already up two or three percent from last year, stating “cryptocurrencies are definitely eating into the gold play.”

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Paypal Co-Founder Says Bitcoin is Underestimated, Compares to Gold

Billionaire venture capitalist and PayPal co-founder Peter Thiel has been a long time proponent of Bitcoin. At the Future Investment Initiative in Riyadh, Saudi Arabia, Thiel once again reiterated the potential of Bitcoin, stating that people are underestimating it.

Long time Bitcoin supporter

Peter Thiel has long been one of the early proponents of Bitcoin. As early as 2013, he stated that Bitcoin has the potential to change the world. As one of the co-founders of PayPal, he recognized the ability of Bitcoin to revolutionize the monetary space. He had long held the view that monetary sovereignty’s time is limited and encrypted money would be the future. In a speech at the University of Chicago’s Booth School of Business, he stated that unlike PayPal, Bitcoin had actually succeeded in creating a currency.

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Digital gold

Peter Thiel believes that Bitcoin could be digital gold and take its place as a reserve currency. He compared many of the features of Bitcoin to gold, like its limited supply and that it is mineable.

It’s like a reserve form of money, it’s like gold and it’s just a store of value. If Bitcoin ends up being the cyber equivalent of gold, it has a great potential left. <Continue Reading>

Wall Street Driving Bitcoin Price Higher, Says Bloomberg

Wall Street is driving Bitcoin’s price rise this month according to Bloomberg, even as Goldman Sachs still picks gold over crypto.

In comments on Bloomberg TV, the publication’s analyst Edward Robinson said bank clients are “knocking on the door” after seeing charts showing Bitcoin’s 2017 growth. He commented:

Wall Street Driving Bitcoin Price Higher, Says Bloomberg

“I think Wall Street may actually be responsible for driving the price, because it’s with every announcement that Wall Street is thinking of embracing Bitcoin as a new asset class that we start to see this surge.”  <Continue Reading>

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4 Things That Can Push Bitcoin to $5,000 and Beyond

Those with even the shortest memory will recall that Bitcoin price just about broke the $5,000 mark in early September, before a substantial sell-off coincided with some vitriol from Jamie Dimon, and China cracking down on ICOs.

4 Things That Can Push Bitcoin to $5,000 and Beyond

Now, however, the digital currency has bounced back and is well on its way to $5,000 again. There are a few factors that’ve got it here – none more so than the fact it was the best performer through the third quarter.

However, there are still a few factors that are pushing it, and a few reasons why $5,000 is on the horizon, if not even higher.

The return of the buzz

There is no doubting the fact that China’s approach, and Jamie Dimon’s attack, caused a perfect storm for Bitcoin belief. It was the coming together of the digital currencies’ two big enemies – institutionalised money and regulators – who were flexing their muscle in a show of perhaps fear.

However, those attacks have come and gone, and Bitcoin is none the worse for them, as there’s a buzz returning. What will really catalyse it will be a rollback of China’s ban – something that’s possible with an upcoming Communist party election – or perhaps Jamie Dimon to have a change of heart.

Financial crisis

Bitcoin has already shown that it laughs in the face of impending global disaster when the global market fell almost a percent as tension between the US and North Korea spiked.

“Bitcoin is a safe haven that is unaffected by normal market factors, and as these factors continue to escalate there could be a bigger trend towards digital currencies.”

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Wall Street stamp of approval

While there’s a major dividing line on the allegiances of Wall Street bankers and institutions, many more are coming over to the digital currency side, leaving Dimon and Jordan Belfort stranded.

It was the arrival of institutionalized investors after the Aug. 1 split that saw Bitcoin tear off on another rally, and another big boost of endorsement from these trusted investors could be a tipping point.

Free money

At the end of October there is another fork coming to Bitcoin in the form of Bitcoin Gold, however, the term ‘fork’ is used quite lightly in this instance.

“It’s more of an air-drop than a chain split. Everybody that owns Bitcoin will also own Bitcoin Gold once the network goes live, but transactions on the Bitcoin Gold network won’t affect Bitcoin’s network, or vice versa.”

Thus, many think that Bitcoin is booming – and altcoins declining – because there’s a chance of doubling your haul when this fork comes at the end of the month.

Bitcoin Gold

Before the dust has even settled on Bitcoin’s civil war, which saw an acrimonious disagreement about how Bitcoin should handle its scaling debate, the major digital currency could be splitting again.

Bitcoin Cash was threatened, laughed off, created, boomed, and them fizzled out as Bitcoin carried on its merry mooning way, now with more capacity because of SegWit. Bitcoin Cash was the alternative to SegWit where blocks were blown up to monstrous proportions.

Bitcoin Gold, as the new potential hard forking currency will be called, is now an attempt to wrest the lucrative mining component of Bitcoin out of the hands of the giant firms that have monopolised the creation of the digital currency.

The people’s fork?

The new fork, set to reach landfall on October 25, is aiming to democratize mining. Mining farms and pools hold all the cards within Bitcoin, both as a voting demographic and as manipulators of things like price and fees.

Bitcoin Gold wants to see at-home enthusiast miners back in control. The project was apparently co-founded by Jack Liao, CEO of Hong Kong-based Bitcoin mining company LightningASIC. LightningASIC also conveniently sells the hardware that this new market of miners will need.

This fork seems to be a reaction to the general hatred that is flung towards Chinese mining giant Bitmain who, along with their controversial leader Jihan Wu, had a big part in the creation of Bitcoin Cash.

It must also be noted that Bitcoin Gold is different from another fork that is scheduled for November: Segwit2x. The November fork is aimed at increasing the capacity of the network where as the Bitcoin Gold split is looking to cut more people in on the mining pie. <Continue Reading>

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