Over the past couple of weeks, we’ve seen a slight recovery for Bitcoin (BTC), gold, and the overall stock market. But, as expected, BTC & gold appear to have taken the lead.
Looking at year-to-date (YTD) gains, BTC is up right around 3%. The S&P500 is in the red – with YTD down 16%. And gold, the classic safe haven asset, has gained ~8% YTD.
Not too shabby.
But here’s where it gets interesting…
While the “risk-on asset” vs. “safe haven asset” debate steamed up last month, recent numbers show that Bitcoin’s safe haven narrative is intact and could be stronger than ever…
Bitcoin’s correlation with gold, measured over the past 30 days, is now at all-time highs.
If this correlation continues, Bitcoin hodlers have yet another reason to remain optimistic.
Let’s not forget that after the housing crisis, all asset classes plunged in a short period of time. But in the 12 months that followed, the price of gold increased sharply, making 09′-11′ the best performing years in gold’s history. If you want to consume more bullish threads on gold/digital-gold dominance for the decade ahead, we suggest you start here.
Paxful is Now Letting its Users Trade Bitcoin for Gold
Speaking of gold…
In response to customer demand, this week Paxful became the first bitcoin-backed p2p marketplace to offer gold buying and selling options.
Gold buying and selling on Paxful works like any other payment method on the platform. Anyone who has gold can buy BTC from a vendor who accepts this payment method and vice versa.
Why Do We Bitcoin?
The opportunity to congregate online, share ideas, and build out the system that will take down the Hydra in a decentralized fashion is an opportunity that cannot be squandered.
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