Gold, Silver, Stock Market Disinterest Helps Bitcoin
The markets are in the midst of what will be remembered as a renaissance from paper-crack gamblers, especially the variety who only made money when the indexes, like the DOW, were up day-in and day-out. And they have been. If you are a devout paper addict, you’ve been doing great for the past month. Yet, despite the all-time highs and record winning streaks, people aren’t interested in the stock market. Just as everyone knows each politician is compromised or corrupted, so too will the markets give way to dizzying flash crashes or tumult in the Euro zone and eventually North America. All this in the wake of the 2008 banker bailout has driven the retail client out of stocks. Most of the people with money these days are heading out of paper, into real estate again or precious metals and other safehaven plays. Nobody trusts the stock market, for it is rigged and in the favor of the monied.
Bitcoin has not exactly surpassed stock market interest, as it has many other things, according to Google Trends:
Gold and silver have experienced similar disinterest as stocks. Gold and silver made big moves to the upside lasting 25 and 29 months, and these moves have taken much longer than just a few months to be corrected. This is not abnormal considering the monumental upswings in recent years for gold and silver. The markets for gold and silver have been wallowing in these consolidation periods. With volatility calming, sentiment receding, general interest has fallen to the wayside. Sure, gold and silver are approaching the important lows that denote a bottom, but they’re not their yet. After all, the Summer is usually a down time in which these metals make lows.
On the contrary, Bitcoin has not behaved like the metals and the market generally over the summer: sell in May, Go Away. Instead, Bitcoin’s motto has been, just do it because what else are you going to do? Succumb to the manipulation of all markets tied to bullion banks or financial institutions?