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Bitcoin and Gold Are Monuments To Irrationality

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  3. Bitcoin and Gold Are Monuments To Irrationality

With worries about a currency war growing and bond yields collapsing, investors have reached for their usual haven of gold. Only this time it has a friend (as my colleague Tim Culpan wrote this week): Bitcoin.

Gold’s dollar price has risen 7% this month, Bitcoin’s by 18%. This apparent use of the two commodities as companion ports in a storm will be music to the ears of cryptocurrency boosters like Mike Novogratz, who has argued that “Bitcoin will be digital gold.” The self-justification of gold bugs and crypto fanboys are indeed starting to sound remarkably similar: That they both offer the prospect of sound and stable repositories of your cash at a time when central bankers are printing money like it’s going out of fashion.

More here – Bloomberg Opinion

Author: Chris Tate

Category: Commodities, CryptocurrencyBy Chris TateAugust 10, 20193 Comments

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3 Comments

  1. Adrian Tench says:
    August 11, 2019 at 2:54 pm

    Even Mr Kiyosaki lends credence to this assertion assumption.
    Guess it is indeed a one horse race. So play your cards close to your chest. And do what is best for you and your families.
    All this noise about doom and gloom and bubbles due to printed money. And all about to burst.
    Time to turn off all this media fake news and dumb politics.

     Reply
  2. Nick kemp says:
    August 12, 2019 at 9:18 am

    I can see the lure of bitcoin.

    I get about an email each day telling me how easy it is and some are even giving me a free system and/or a free account with money in it!

    So simple! I would consider going for it but I don’t need to because a long lost relative in Nigeria has left an accidental USD11 mill in an account and I will get around 10% of that any day now from a nice doctor who emailed me to let me know.

     Reply
  3. Bugbear says:
    August 12, 2019 at 11:30 am

    Bitcoin really needs to die.
    The idea of a trustless, digital currency I think holds merit, but bitcoin’s implementation is bad on multiple levels. It’s an environmental disaster in the making. The amount of electricity required to maintain the blockchain is staggering (rivaling the consumption of small countries).
    Bitcoin’s big selling point is the fact that it is very cheap to transfer large sums of money anywhere around the world very quickly. Just don’t bother thinking that you will be buying your daily coffee with it.
    I’m happy to have made a profit out of the 2017 boom, but I’m steering clear of it now.

     Reply

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