Bitcoin long from $40,000? Only if Bitcoin truly is digital gold
Bitcoin has been often touted as digital gold. With Ukraine<>Russia tensions heightening we are seeing risk-off trades, with USD, JPY, Gold and Oil all appreciating.
Bitcoin however has not yet appreciated. Price seems to be stabilising around the $40,000 mark, which may be an opportunity to go long. THIS DEPENDS ON ONE THING: IS BITCOIN DIGITAL GOLD?
If bitcoin truly is digital gold, used for risk off returns than hypothetically we should see BTC appreciate. Ukraine tensions have been rising as fast as inflation (aha!), both of which should (again hypothetically) spur bitcoin higher.
Unless of course Bitcoin isn't digital gold...
Bitcoin however has not yet appreciated. Price seems to be stabilising around the $40,000 mark, which may be an opportunity to go long. THIS DEPENDS ON ONE THING: IS BITCOIN DIGITAL GOLD?
If bitcoin truly is digital gold, used for risk off returns than hypothetically we should see BTC appreciate. Ukraine tensions have been rising as fast as inflation (aha!), both of which should (again hypothetically) spur bitcoin higher.
Unless of course Bitcoin isn't digital gold...