Hans Olav says "in light of the stock & crypto markets crashing, what are your thoughts on bitcoin-gold correlation now?"
Here's my response.
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Right on mark about the far greater ROI of Bitcoin. Gold and Bitcoin both embody the meaning of money but in the long run, Bitcoin will offer liquidity that gold can't have in a digital world.
Agree 100%!
Gold and Bitcoin charts have been mirroring each other lately as the market reacts with a uniform selloff. This is a flight to cash, as it as seen as the safest position in a situation like this and allows buyers to come in later to rebuy at lower prices.
Generally there was an overreaction to the prices dropping- however this signals one very significant thing.
Both gold and Bitcoin perform as stores of value as we all know, but in times of crisis these stores will be tapped. This is all part of their function but people definitely oversold EVERYTHING this month in the panic.
These capitulations came in waves but they will only strengthen the market in the near term because the weak hands have exited the market now.
Expect a MASSIVE surge in BTC and all precious metals in the next 2-3 years as the Feds literally print us into oblivion.