Gold and Bitcoin have been on a rollercoaster ride lately, with their ETF flows doing a little dance of their own. This past week saw four days where the two assets moved in opposite directions, which is pretty interesting if you ask me.
Last week, gold might have hit a peak (or not, who really knows?) before taking a nosedive. Now it’s chilling at around $3,200 per ounce. On the flip side, Bitcoin has been enjoying a nice little rally, climbing about 10% to reach $97,000. Not too shabby, right?
Geoff Kendrick from Standard Chartered seems to think that Bitcoin is the way to go when it comes to hedging against asset reallocation out of the U.S. He’s all about that Bitcoin life, especially when he sees money flowing into Bitcoin funds more than gold funds. According to Kendrick, the last time Bitcoin saw this kind of love was during the U.S. presidential election. And what happened next? Bitcoin’s price shot up over 40% to soar past $100,000. Talk about a wild ride!
Tom Carreras, our go-to guy for all things market, Bitcoin mining, and crypto in Latin America, thinks Bitcoin is the bee’s knees. He’s got a degree in English lit and spends his days soaking up the sun in Costa Rica. Oh, and he’s got more than $1,000 worth of BTC in his wallet. Living the dream, right?
So, what does all this mean for the average Joe? Well, it looks like gold correcting its course might actually be a good thing for Bitcoin. The two assets have been playing tag-team, with Bitcoin picking up the slack when gold decides to take a breather. It’s like a match made in heaven, or at least in the financial markets.
But hey, what do I know? I’m just a fresh-faced journalist trying to make sense of all this madness. One thing’s for sure, though: the world of finance is a wild place, and anything can happen. So buckle up, folks, because this ride is far from over.
