A report from Skew Analytics indicated the monthly correlation rate between gold and Bitcoin are at an all time high of 70%. This exceeds the peaks of 2018 and 2019. They have also remarked on Bitcoin’s claim as a safe haven – as more money are being printed, investors are ‘switching from fiat currencies which are prone to inflation to harder assets.’
Bitcoin and gold have seen a rise in their prices throughout 2020, with Bitcoin hitting $12,000 and gold - $2,000 per ounce.
However, we need to bear in mind that not all governments and central banks are welcoming Bitcoin with open arms. While we have seen a warmer reaction to the popular digital currency as of late, there are still those who opine that it is not safe and have their reservations. The latest Bitcoin hack certainly doesn’t help its reputation, either.
In my humble opinion, everything brand new faces challenges from traditional institutions at time – but we must be open to new things in order to survive. That being said and done, tighter regulations are still needed to ensure no hanky panky in the world of cryptocurrency that might give it a bad name. Just my two cents worth.
تم التحرير 13 Aug 2020, 11:17
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