[heading]Bitcoin Responds To Its Environment, Gold Has Not…Yet[/heading]
I like Bitcoin and I like gold.
But as late, gold has not behaved as one would expect gold to. Of course, that gold has been so tied to the paper markets via GLD, has probably helped this.
Bitcoin has yet to weighed down so.
In recent weeks, the US dollar has had some pressure put on it due to a government shutdown, a Chinese downgrade of US debt, and a threat from Fitch to do the same.
Bitcoin knows what’s up. Its at $194 on BitStamp. Bitcoin didn’t even have a price five years ago. It was worthless. Literally. Now it’s $195.
We all know rappers love money.
If Bitcoin were a rapper and made like $1.5 billion in five years, which it has, it’d be the King of Rap. Way beyond Jay-Z, Eminem and Diddy.
You can’t argue with that.
And in recent weeks, amidst the economic crises which have enveloped the small sectors of US society which, ultimately, control its fate, Bitcoin took notice. It was like, “I am Bitcoin. And, while gold sits around manipulated cause its been around for so long with the same old storyline, I am just gonna ride some crazy series of events. Silk Road, government shutdown. How can I, Bitcoin, lose?”
Therefore, gold sits at $1340, and Bitcoin approaches $200 with grace, like it has been there before.